The US Federal Reserve System (FRS) announced the launch of its own payment system FedNow Service.
According to the announcement, banks and lending institutions can register and use the instant money transfer tool for their customers “at any time of the day and any day of the year.”
“The Fed created FedNow to make everyday payments faster and more convenient in the coming years. Over time, as more banks decide to use this new tool, the benefits for individuals and businesses will include the ability for an individual to receive an immediate paycheck or for a company to have instant access to funds once a bill has been paid,” said Fed Chairman Jerome Powell.
Earlier, the regulator emphasized that FedNow Service is not associated with digital currency. The Fed has not yet made a decision to launch a CBDC.
The Fed first announced the development of the FedNow Service in August 2019.
Recall that a participant in the current US election race, Robert Francis Kennedy Jr., criticized the idea of launching a digital dollar and mistakenly associated it with the FedNow Service.
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