"The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the US to provide safe and efficient instant payment services."

Individuals, too, "can send and receive instant payments in real time, around the clock, every day of the year."

"Recipients will have full access to funds immediately."

"The Federal Reserve is encouraging each of the nation's more than 9,000 banks and credit unions to join the FedNow Service network to help bring instant payments to American businesses and consumers across the nation."

FedNow

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