The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank’s clearest timeline yet for a new system enabling settlement of U.S. payments in seconds.
The FedNow service also potentially negates the need for the creation of a central bank digital currency, or CBDC.
“The FedNow Service will transform the way everyday payments are made throughout the economy, bringing substantial gains to households and businesses through the…
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