The U.S. Federal Reserve is about to launch a long-awaited service which will aim to modernize the country’s payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week.
The “FedNow” service has been in the works since 2019.
It will seek to eliminate the several-day lag it commonly takes cash transfers to settle, bringing the U.S. in line with many other countries, including the United Kingdom, India, Brazil and most of the nations of the European Union.
FedNow will launch with 41 banks and 15 service providers certified to use the service.
