"Federal Reserve Introduces 'FedNow' Instant Payment System, Revolutionizing Transactions"

The US Federal Reserve has launched its new instant payments service, FedNow, which aims to significantly speed up the process of sending money in the country. FedNow allows money to be conveyed almost instantly, bringing the US in line with other countries that have already adopted instant payments. The service, which operates 24 hours a day, will initially involve 35 banks and credit unions, including JPMorgan Chase and Wells Fargo. The Fed denies that FedNow is tied to any plans for a digital US dollar, but the service's functionality could increase friction between the conventional financial system and cryptocurrencies.