US Federal Reserve’s launches FedNow for instant payments
The United States Federal Reserve has officially launched FedNow, an instant payment service offering round-the-clock payments and settlements. Initially, the service has a transaction limit of $100,000 per customer, which could be later extended to $500,000. The Federal Reserve’s new payment service, FedNow, promises consumers the ability to send and receive money within seconds. However, it’s worth noting that the solution will be under the central bank’s control. FedNow will be accessible to Americans every day of the week throughout the year, empowering residents to make instant payments for their daily necessities and send funds to their loved ones. Additionally, businesses can promptly pay their suppliers through this network. You might also like: FedNow program aims to introduce fully digital US currency Initially, the service sets a transaction limit of $100,000 per customer. Nevertheless, the Federal Reserve has suggested the possibility of ra...