The Federal Reserve has announced the launch of its new instant payments system, the FedNow® Service. This system allows banks and credit unions of all sizes to quickly transfer money for their customers at any time of day, on any day of the year. The aim of the FedNow Service is to make everyday payments faster and more convenient, providing benefits such as immediate access to paychecks and efficient cash flow management for businesses. 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are already on board, with 16 service providers ready to support payment processing. The Federal Reserve is committed to working with thousands of banks and credit unions to ensure widespread availability of the service in the future.
https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm