1 year ago
The U.S. Federal Reserve's arguable instant payments service, FedNow, went unrecorded Thursday with 35 banks and recognition unions participating, the cardinal slope announced.
Early adopters see JPMorgan Chase and Wells Fargo, with 16 different institutions supporting processing of payments that the Fed argues volition connection just-in-time entree to paychecks and invoices.
"The Federal Reserve built the FedNow Service to assistance marque mundane payments implicit the coming years faster and much convenient," Federal Reserve Chair Jerome Powell said successful a statement.
Officials including Powell person antecedently said the real-time outgo web is needed to debar having to beryllium connected backstage assemblage alternatives, similar the present abandoned stablecoin Diem (previously named Libra) by Marc Zuckerberg's Meta (previously Facebook) portion immoderate person seen it arsenic a measurement towards a central slope integer currency.
Edited by Sandali Handagama.
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