US instant payment system FedNow goes live
Mester says service could handle P2P, cross-border, and interoperable payments
FedNow, the Federal Reserve’s instant payment system, went live today (July 20), as Fed chairman Jerome Powell said it would improve US financial infrastructure.
“The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient,” said Powell. He said that as more banks choose to use the system, people would benefit from instantly receiving payments.
The Fed said 35 banks and credit unions, the U.S. Treasury’s Bureau of the Fiscal
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