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FedNow Review: The US Government's PayPal

· 19.06.2023 · 18:00:37 ··· ··· Monday ·· 1 (1) Full Value Dan
The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services.

Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments.

The FedNow Service will be deployed in phases, with the initial launch taking place July 2023.

https://www.frbservices.org/financial-services/fednow/about.html


Timestamps:
00:00 Fed Now Review
00:27 What is FedNow?
02:46 Who is FedNow for?
05:26 Who benefits from FedNow?
06:19 Why you would use FedNow


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