Your paycheck could clear faster now that the FedNow instant payment service for banks has launched
1 year, 5 months ago

Your paycheck could clear faster now that the FedNow instant payment service for banks has launched

Associated Press  

NEW YORK — The Federal Reserve launched a new instant payment service Thursday. FedNow allows banks and credit unions to sign up to send real-time payments so they can offer customers a quicker way to send money between banks. FedNow offers instant payment services for banks and credit unions to transfer money for their customers. Customers, including individuals and businesses, whose banks or credit unions offer FedNow services will be able to send and receive money in real-time. Zelle has a customer-facing platform that allows customers to send money through their app while FedNow will not directly interact with customers but rather offer the services to banks.

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Your paycheck could clear faster now that the FedNow instant payment service for banks has launched
1 year, 5 months ago

Your paycheck could clear faster now that the FedNow instant payment service for banks has launched

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. FedNow allows banks and credit …

FedNow won’t give agency power to seize bank accounts for political beliefs
1 year, 7 months ago

FedNow won’t give agency power to seize bank accounts for political beliefs

Associated Press  

CLAIM: The Federal Reserve is launching a new program that will give it the power to monitor, freeze and even seize private bank accounts based on a person’s behavior or political beliefs. THE FACTS: A post circulating widely on social media claims a new government program will give the Federal Reserve broad powers to monitor and seize people’s personal bank …

Federal Reserve’s payment service FedNow would not replace cash
54 years, 11 months ago

Federal Reserve’s payment service FedNow would not replace cash

Associated Press  

CLAIM: The Federal Reserve is launching a digital currency app, FedNow, that will eliminate physical cash. It’s not a form of currency, nor is it a move towards eliminating cash, the Board of Governors of the Federal Reserve System stated. In recent days, social media users have misrepresented the service, claiming it is a step towards “getting rid of physical …

Fed’s real-time payment system coming as early as May ’23
2 years, 3 months ago

Fed’s real-time payment system coming as early as May ’23

Associated Press  

NEW YORK — The Federal Reserve’s new real-time payments system known as FedNow is expected to go live as early as May 2023, a Fed official said Monday. While the Fed has been developing FedNow, other banks and the entire cryptocurrency industry has been pushing for its own alternatives for real-time payments. Speaking Monday via webcast to a FedNow early …

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