The Fed Now service aims to reduce the gap in payment time between US financial institutions.
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The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies (CBDCs) and stablecoins.
The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology.
It’s a significant step for the government as it is controlled by the Federal Reserve Bank, as opposed to Clearing House’s RTP network which is operated by a consortium of large banks.
@federalreserve @frbservices announce July launch for the FedNow
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