The United States Federal Reserve is planning to launch a new 24/7 payment service titled FedNow. The service is slated to launch in July 2023.
Many earlier adopters say the FedNow services are very similar to the popular app, Cash App. The Federal Reserve is encouraging large and small finical institutions to participate in the service.
“We couldn’t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution, with the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service.” – Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive
I think it will be interesting to see how many users will actually use the FedNow services in their everyday life.