The Federal Reserve's long-anticipated instant-payments service FedNow will make its debut in July, the central bank announced Wednesday.
The Federal Reserve’s long-anticipated instant-payments service FedNow will make its debut in July, the central bank announced Wednesday.
Through the FedNow Service, businesses and consumers will be able to send and receive payments instantly, with immediate access to their funds. First, the Fed will begin a formal certification of participants in April, and then it will engage in “validation activities” with those participants in June to confirm that they are ready for the official launch.
Bernstein analyst Harshita Rawat noted earlier this year that she was “watching” the risk presented to Visa and Mastercard by the impending launch of FedNow, though she viewed the threat as being on more of a “decade+ time horizon” than anything more immediate.
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