US Federal Reserve Officially Launches the FedNow Service
The Payment Revolution Through FedNow The Federal Reserve has touted the FedNow service as one that will allow Americans to send and receive payments instantly and for 24 hours a day, round the clock. The modernization of the American payment system through the FedNow service is a testament to the flexibility of the apex bank to join the revolution in payments by providing an equally robust service for all Americans. advertisement The payment system in the country, as it stands, is rife with many setbacks, including but not limited to the high transaction costs and delays in settlement. The Federal Reserve has been making the move to launch this service since as far back as 2019, seeing that new technologies, especially blockchain are beginning to dominate the payment landscape. The FedNow service is not the first of its kind as other sovereign countries including the United Kingdom, Brazil, and India have floated related services in the past. The ...