U.S. Federal Reserve Announces FedNow Instant Payments to Rival Cryptocurrency

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Mark Mason

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Feb 24, 2017
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U.S. Federal Reserve Announces FedNow Instant Payments to Rival Cryptocurrency



The United States Federal Reserve announced their intent to enter the instant payments sector with FedNow, which will be open 24/7, but is not going to be launched until 2023 or 2024.

Instant Payments is actually nothing new for the U.S. Federal Reserve since they currently operate FedWire, which is a real-time gross settlement funds transfer system, but is only open five days a week, only available to accredited institutions, is more expensive, and is not available on mobile phones. FedNow is intended to address these shortcomings, being more friendly to both institutions and consumers and more competitive with current private alternatives.

Read more - https://dashnews.org/u-s-federal-reserve-announces-fednow-instant-payments-to-rival-cryptocurrency/
 
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