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Written by: RJ
The Federal Reserve announced today that their new instant payment service; FedNow is now live.
‘The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Federal Reserve Chair Jerome H. Powell. “Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”
To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions ‘
Thoughts
It’ll be interesting to see how adoption goes past the 35 early adopters. Additionally, the use cases that the service starts to support over time.
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