The Federal Reserve has launched a new real-time payments system, the biggest advance in decades for the antiquated US money transfer network.
FedNow will enable Americans to move money electronically in seconds, a significant step forward for a country where paper cheques and cash remain popular while bank transfers can take several days to complete. It is the first new government-backed US payments system or “rail” since the start of the Automated Clearing House network in the 1970s.
Fed chair Jay Powell said the service would help to make “everyday payments over the coming years faster and more convenient”.
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