The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance.
Fed Announces Launch Of 'FedNow' Real-Time Payment System, Sparking Debate
Submitted 2 years ago by realcaseyrollins to Finance
sj_zero@lotide.fbxl.net 2 years ago
I will say, there does need to be a change from the intrabank payment settlement mechanism. The idea that it can take a week for a payment to go through in 2023 is absurd.