Payments News

Real-time payments: A new era begins

Aug 09, 2019

FedNow will provide a ‘round-the-clock, real-time payment and settlement service.’

Monday’s announcement that the Federal Reserve plans to enter the real-time payments business created as much controversy as the wonky world of back-office processing can muster.

FedNow, a “round-the-clock, real-time payment and settlement service,” will offer U.S.  financial institutions an alternative to the RTP rails launched late last year by The Clearing House—once it eventually goes live in 2023 or 2024.

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