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
This is programmable Currency. Don’t take your never ending billy goat gates juice… shut off. Buy to much fuel for the month and your out of carbon credits (lolololol) your fuel will be 30% more this fill. Want to honk like a Trucker? Lol, we already saw the clunky version of this in 2020, now with cbdc it will be seemless. If we don’t resist, humanity will be captured unlike anything before as our digital prison is erected all around us.
Cash is king… use it daily as they cannot track this freedom enabling currency. Even if the fiat system is part of the problem until we go to decentralized crypto made by ppl not gov or back to silver
The current administration has already made it clear that they are interested in pursuing more aggressive tax debt collection, they’re getting high at the white house, funding gain of function research in China and unleashing it onto the world, interferring in elections, in favor of child sexual mutalations, drug and child trafficking, promoting WW3….So yeah, sorry not sorry that I don’t trust anything our government is up to anymore. I can only assume there is a hidden motive. I can only assume its meant as a stepping stone to move towards a cashless society. One in which every dollar you bet at your friends Saturday night poker game will be scrutinized and taxed….or emplored to either get your 29th booster or your accounts will be cleared out. “Oh but thats just a conspiracy theory”…yah keep telling yourselves that. Today’s conspiracy theories were yesterdays inductive reasoning. There is a reason so many “Conspiracy theories” keep turning out to be true.
Agreed!
If you think banks aren’t already tracking your financial transactions, you’re living in a dream world. Individual privacy has pretty much gone out the window. Don’t like it, go live in a cave.
Another way of tracking people and what there doing for all those who think this is great ITS NOT just another form of being a slave to society. There goal is to collapse the cash system and go digital with everything I mean look at the stores for instance all those machines they have to do your shopping with because they want AI I mean half if those systems don’t even work properly all you sew is a person running from machine to machine because of its mishaps. Wouldn’t it be better without all this technology because it’s destroying this world and our children I mean having a child glued to gaming system and tablets in school is crazy. Everyone needs to stop waking up for this new advanced technology is not great it will be the downfall of America and the people.
Y’all, direct instant money transfers have been available in other countries for years now… This isn’t “the first of it’s kind” nor is it a conspiracy.
Well go live in those countries then, trust me their not reporting how awful its Is tho to be watched and tracked on everything you do
federal reserve bank is illegal now printing our money as money is to be backed buy preciuos metals ,be coined & value set by congress only but in 1871 & 1913 things changed the government became a corporation & in 1913 gave our power of congress to a bank in the federal resere act of 1913 so stan the man you need to check your facts first before throwing out accusations of theory im not a scientist im a facualist
WOW, all these conspiracy theories and speculative statements are incredibly revealing of the mindset of this segment of the population of the planet. Not one of them presenting a good viable alternative solution. Not one.
Here’s the solution I’ll offer to the conspiracy theorists: Gather up all your money from banks, stocks, retirement accounts, checking and savings accounts, and anywhere else you may have money that’s backed by the federal government. Then take that and go buy GOLD. Stash that gold away in your favorite hiding place. And then go hide in a cave, under a rock, or sit in a corner surrounded by your guns and live a happy life!
Why must we be called conspiracy theorists???? Most of these so called Conspiracy theories are coming to and are not so much theories any more.
This “Fed Now” is being done by the Federal Reserve. The Federal Reserve is a private company and is not part of the US Government. Because of the historical workings of the Federal Reserve, most people think it is controlled and part of the US Government. One needs to look at history and do your own research. It is not.
More ways the government watches what we do and controls the people.
Yes exactly! This is leading to a one world currency
I think this is a HORRIBLE idea. They will strip us of our freedoms if we allow this to happen. Look at China. Three years ago they did this with the Social Credit Score and if they speak out or say something they don’t like they get fined and lose money. If they drive too much they lose money. This is about control of you and I. DO NOT LET THIS HAPPEN! We need to vote against who is for this. Why have we not been given the choice to VOTE ABOUT THIS? WE THE PEOPLE do not want this!!!