Fed officially launches new FedNow instant payments service


The U.S. Federal Reserve Building in Washington, D.C.

Win Mcnamee | Reuters

The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals.

Whether it’s providing instant access to paychecks, allowing for last-minute bill payments or sending government payments out to individuals, the system is expected to improve the flow of money through the U.S. economy.

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” Fed Chair Jerome Powell said. “Over time, as more banks choose to use…


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