Home » Economy » Federal Reserve says real-time payment system could begin as early as May 2023
Federal Reserve says real-time payment system could begin as early as May 2023
FOX Business Flash top headlines for August 29
Check out what’s clicking on FoxBusiness.com.
A Federal Reserve official said the agency's new real-time payments system FedNow is slated to launch as early as May 2023.
FedNow has been in development for around a decade and is supposed to allow banks to send payments to each other in real-time, thus allowing bank customers to send real-time payments to each other as well.
The system, which will operate 24 hours a day, seven days a week, is expected to be less expensive than wire transfer or debit card transaction fees.
But while FedNow has been in development, other banks and the cryptocurrency industry have been looking for other alternatives for real-time payments.
SEN. WARREN ‘VERY WORRIED’ THE FEDERAL RESERVE ‘IS GOING TO TIP THIS ECONOMY INTO RECESSION’