FedNow instant payment service now live

FedNow Service, the Federal Reserve instant payment system, went live July 20, available to any bank and credit union interested in the tool.

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” Federal Reserve Chair Jerome Powell said. “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.”

Read on for more details.