According to TechFlow, the Federal Reserve's official website, its instant payment system FedNow has officially launched. This system allows banks and credit unions to register and use FedNow tools, providing 7*24 hours service 365 days a year.
The Fed said 35 early adopter banks and credit unions and the U.S. Treasury Department’s Bureau of the Fiscal Service are ready to offer instant payments capabilities through the FedNow Service, in addition to 16 service providers who are ready to support payment processing by banks and credit unions.
