The new faster payment system announced by the U.S. Federal Reserve has largely garnered praise, despite calls for details on how it will sit alongside existing offerings.
The Federal Reserve announced on August 5 it would build a new real-time payments infrastructure, the first such centrally managed system in the country.
Called FedNow and due to arrive in 2023 or 2024, it will sit alongside The Clearing House, the current inter-bank faster payments system privately built and maintained by the country’s largest financial institutions.
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