Federal Reserve launches FedNow instant payment service that could bypass Venmo and PayPal
The US Federal Reserve has launched a long-awaited service that will aim to modernize the country's payment system by eventually allowing Americans to send and receive funds in seconds, 24/7, the central bank announced Thursday.The "FedNow" service, which has been in the works since 2019, will seek to eliminate the multi-day delay commonly required to settle cash transfers, bringing the US in line with countries like the UK, India, Brazil and the European Union, where similar services have existed for years.FedNow is launching with 41 banks and 15 service providers certified to use the service, including community banks and large…
