Federal Reserve starts new instant payment system
WASHINGTON (UPI) -- The Federal Reserve said Thursday that its new system for instant payments to financial institutions has gone live. The Fed said that banks and credit unions can start signing up for the system, called the FedNow Service, which will allow for instant money transfers for customers at any time of the day. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Federal Reserve Chair Jerome Powell said in a statement. "Over time, […]
