FedNow instant payment service set to launch in July.

The US Federal Reserve has confirmed that its instant payments system, FedNow, will launch in July. The system will provide round-the-clock, real-time gross settlement and will not rely on blockchain technology. The Fed plans to onboard as many financial institutions as possible to increase the availability of instant payments. Some see FedNow as an alternative to central bank digital currencies and stablecoins, which also seek to solve the problem of instant payments. FedNow could also serve many of the same functions as a CBDC.