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August 5, 2019Blog Posts

Fed to develop real-time payments system for launch in 2023 or 2024

Reuters

The U.S. Federal Reserve announced it plans to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024.

In a statement, the U.S. central bank said it was seeking public comment on the project, saying near-instantaneous transfer of funds 24 hours a day could yield economic benefits for individuals and businesses.

The new service, dubbed FedNow, would operate alongside a private real-time payments system established by a group of large banks in 2017.

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