FedNow Has Launched As Blockchain Innovation Delivers Next-Gen Instant Payments

After five years in development, the U.S. Federal Reserve launched FedNow in July, the first government real-time payment system in the U.S. The service allows banks and credit unions to transfer money for their customers instantly.

Working alongside existing systems like Fedwire and FedACH, FedNow aims to improve the U.S.’s inter-bank and retail transaction infrastructure. Speeding up tasks like tax returns is another purported benefit of this framework. Eliminating processing delays for a better user experience is FedNow’s main focus.