Fed Now

[yesitsme]

https://www.frbservices.org/financial-services/fednow
How will this effect us
Is it another zelle?

[ExGingi]

https://www.frbservices.org/financial-services/fednow
How will this effect us
Is it another zelle?

Sounds similar to what they have in Israel (and IINM also in the EU)

[yesitsme]

Sounds similar to what they have in Israel (and IINM also in the EU)

What is it all about

[ExGingi]

What is it all about

Instant electronic transfers between domestic banks.

[ah giten]

Automatically taxed?

[yesitsme]

Instant electronic transfers between domestic banks.

So it's not relevant to the regular joe?

[ExGingi]

So it's not relevant to the regular joe?

Why not?

The FedNow Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Consistent with the Federal Reserve’s historical role of providing payment services alongside private-sector providers, the FedNow Service will provide choice in the market for clearing and settling instant payments as well as promote resiliency through redundancy. Financial institutions and their service providers will be able to use the service as a springboard to provide innovative instant payment services to customers. We will update this page as we have more information about this new service, which is under development and will continue to evolve.