FedNow: The Federal Reserve's Instant Payment Service Revolution

The U.S. Federal Reserve has officially launched its FedNow instant-payments service, aimed at facilitating faster and more convenient everyday payments for businesses and individuals. The system, which has already attracted 35 early adopters including JPMorgan Chase and Wells Fargo, is expected to improve the flow of money in the U.S. economy. While there are still questions about potential charges for the service, the central bank plans to integrate FedNow into the apps and websites of banks and credit unions. Additionally, the Fed is studying the implementation of a central bank digital currency, with some suggesting that FedNow could potentially address the need for a CBDC.