economy
In July 2023, the U.S. Federal Reserve switched on a new service so that banks can move money between customers within seconds, any day of the week, including weekends and holidays.
FedNow is the name of the US Federal Reserve's instant-payment service, launched in July 2023 to let participating banks move money between customers within seconds, any day of the year including weekends and holidays, something the country's older payment rails couldn't offer.
FedWire Express and FastFed are both invented-sounding names, not the Federal Reserve's actual service; the real older systems it complements are called Fedwire and the ACH network, neither of which offers the instant, round-the-clock settlement FedNow was built to provide.
FedNow effectively nudges the United States toward the kind of real-time payment infrastructure that countries like India, Brazil, and the UK had already rolled out years earlier, closing a gap where American consumers had long been used to waiting days for some bank transfers to clear.
economy
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