'FedNow' Instant Payment Service to Launch in 2023

The U.S. Federal Reserve will launch its instant payments system for banks between May and July 2023, Fed Vice Chair Lael Brainard said Monday.

The "FedNow" service, announced in 2019, will allow banks to instantly transfer payments across the financial system. Brainard said the system will help Americans better manage their money, and urged banks to develop internal capacity to deliver instant payments.