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Federal Reserve’s New Real-Time Payment Network Goes Live in 35 Banks

Federal Reserve’s New Real-Time Payment Network Goes Live in 35 Banks
The Federal Reserve has launched an instant payment system that enables users in the US to transfer money electronically. In a statement released today (Thursday), Fed's Chair Jerome Powell said that the new system makes everyday payments faster and more convenient.Dubbed FedNow, the payment system, which has been in development since 2019, allows instant transfers for amounts up to USD $500,000. However, the amount is below an estimated USD $5 million in average transactions processed on the... Read More
Posted: Jul 20 2023, 21:17
Author Name: financemagnates
Views: 092073

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