Fed to launch digital payment system in July.

The Federal Reserve's digital payments system, FedNow, will launch in July, allowing bill payments, money transfers, and other consumer activities to move more rapidly and at lower cost. Participants will complete a training and certification process in early April. Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends. The program could even supplant the need for a central bank digital currency.