Federal Reserve launches FedNow instant payment service (Jul 2023)
Federal Reserve issued Payment rail launch affecting US banking system on July 20, 2023.
- Primary
- Federal Reserve
- Regulator
- US banking system
- Structure
- Payment rail launch
- Date
- July 20, 2023
- Sub-sector
- Payments
FedNow goes live with 35 launch participants, giving the US a public 24/7 instant payments rail alongside RTP and creating long-term pressure on card-rail interchange and ACH-based payroll/B2B workflows.
Source: federalreserve.gov