The US Federal Reserve (Fed) is preparing to launch a new financial network that would eliminate any wait time for sending and receiving payments. The system is now being tested by more than 100 market participants.
The FedNow Service, which has been in pilot since Jan. 2021, is planned to launch in July.
“It’s a game changer for some businesses,” said Debbie Buckland, a director analyst for financial services at research firm Gartner. “It’s the first Federal Reserve-sponsored real-time system.”