FedNow instant payment system overview:
- Who: The Federal Reserve is preparing to unveil its real-time payment platform, FedNow, which already has a number of early adopters, including Wells Fargo and Peoples Bank, among others.
- Why: FedNow is being touted as a first-of-its-kind service that will enable bill payments and money transfers to be made nearly instantaneously.
- Where: FedNow is expected to be adopted by financial institutions nationwide.
- What are my options: MoneyGram lets you send money around the world.
The Federal Reserve is preparing to unveil a real-time payment platform called FedNow later this month, a first-of-its-kind service that purports to increase the speed at which bill payments and money transfers can be made.
The central banking system says FedNow will allow financial transactions to be made nearly instantaneously, with the service expected to be adopted by dozens of banks and financial institutions, reports Money.
“The FedNow Service will be available to depository institutions in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts,” the agency said on its website.
More than 50 financial institutions in total will reportedly participate as “early adopters” of the service during its initial release, including banks such as Wells Fargo, JPMorgan Chase, and Peoples Bank, among others.
All banks regulated by Federal Reserve eligible, not required, to implement FedNow
FedNow, which will be run by the Federal Reserve, is being touted as a 24/7 instant-payment system that will allow banks to instantly move money, while differing from peer-to-peer payment apps such as Venmo, PayPal, and Zelle, reports Money.
Unlike a payment app that nearly all consumers can download and sync to their bank account, FedNow will reportedly only be available to bank account holders of banks that decide to use the service.
The Federal Reserve said that any of the approximately 10,000 banks it regulates will be eligible to implement its FedNow service, but that none will be required to do so, reports Money.
“To enable this type of payment for their customers, banks and credit unions of all sizes need a new system that can send and receive funds in real time. The FedNow Service is this system,” the Federal Reserve said.
In other news involving payments, a class action lawsuit was filed against Bank of America in May by a consumer arguing the financial institution collects illegal processing fees for mortgage payments.
What are your thoughts on the Federal Reserve’s real-time payment service, FedNow? Let us know in the comments!
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79 thoughts onGov’t to launch FedNow instant payment system
I agree. Most every one I know says no to this deal so how come this is still being implemented if MOST OF US DONT AGREE WITH IT..oh shit I forgot we ‘THE LAND THE THE FREE’ HAVE NO SAY IN ANYTHING..our votes don’t matter. The ppl in control make all the shots but try to tell us the balls always in our court. Yeah right gtfoh
Yea everyone is against it until they find out they get there tax return instantaneously 😏
I’d rather wait the 2 weeks to receive my return than to give them complete control of my money. Anybody that signs up for this just to get an instant tax return is a FOOL.
Their.
Lil information would be awesome
Do not comply.
It’s called project Hamilton……..BEWARE!!
The government is already stealing all our money.
This is literally to control everything! Nit all money is good money!!! People wake up, do not comply with this at all!!!
Everything that was said was too accurate. No to Fed now, CONTROL is all the government wants.
And that is what they want, all the control, over everything, and they mean what they say, you will own nothing.
Mysteriously the cash app dude gets killed and immediately after Fednow is set to launch. The American People don’t trust it…besides we already have venmo, cash app, zelle, chime, apple pay, Google pay and whatever else payment app there is. Like always the Feds up to no good!.
If the fednow system can protect my money from thieves and bank workers that rob bank bank customers I’m for it 100%
The Federal Government & the banks ARE the THIEVES!! You signing up for this protects NOTHING!! You’re just going to make it easier for them to TAKE from you..you’re giving them PERMISSION to take from you.
Wake up!!!!!
I totally agree!!!! Wake up america!
I agree with the above it just sounds fishy (fed now) well I’m going to rule out on fed now and come up with a fed never .Americans and everyone other kind stick together we don’t need all this crazy stuff don’t give ur children’s children’s life away give them a chance vote no on any kind of fed government intrapment
Excellent article, finally truth in news media. I agree no Fed now for me.
What they arent telling you…. Is that the Fednow service is an umbrella of ISO 20022 Protocol administered by the Supervisory Committee in which a select few cryptos are utilized to achieve the goal of cross border instant payments. That’s the real move here. Not that we are using Fednow as a Zelle, but the fact that the average person should be investing into the cryptos that are allowing this technological framework to operate from first principles.