Fed Announces Launch of ‘FedNow’ Real-Time Payment System, Sparking Debate

Fed Announces Launch of ‘FedNow’ Real-Time Payment System, Sparking Debate
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee at the headquarters of the Fed in Washington, D.C., on Sept. 21, 2022. Mandel Ngan/Getty Images
Tom Ozimek
Updated:
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The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance.

The Fed announced on Wednesday that it will begin formal certification of participants in the FedNow system in April in anticipation of a July launch.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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