Federal Reserve reveals plans for real-time payment systems

The Federal Reserve Bank is developing a new service called FedNow that will enable all banks in the United States to offer real-time payment services 24/7, every day of the week.

FedNow is slated to be available through 2023 or 2024 and will initially support transfers of up to $ 25,000.

FedNow will make it easier for many people and small businesses to manage budgets, but it also brings the Fed into conflict with big banks as a real-time federal payments system comes with …

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