FedNow, the Federal Reserve’s instant-payments system, is live.
The Fed said in a press release that 35 early adopting banks and credit unions and the Treasury Department are ready to go. Sixteen service providers are ready to support payment processing.
The Fed “built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” Fed Chair Jerome Powell said in the release.
“Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid,” Powell added.