The Federal Reserve's instant payment system FedNow is officially launched

ChainCatcher news, according to information from the Federal Reserve's official website, its instant payment system FedNow has officially launched. Banks and credit unions can register and use this tool, and FedNow will provide 24/7 service 365 days a year.

The Federal Reserve stated that 35 early adopter banks and credit unions, along with the U.S. Department of the Treasury's Financial Management Service, are ready to offer instant payment capabilities through the FedNow service. Additionally, 16 service providers are prepared to support payment processing for banks and credit unions.