The transaction will be finalized in real time. There will be no waiting period for clearance and settlement of payments. “Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”īased on what’s known so far, here’s what FedNow may mean for you, and how it will differ from other payment options you may use like Venmo or Zelle.įedNow’s infrastructure - several years in the making - will facilitate the instant transfers of money between accounts at different institutions that choose to join the network. “The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. On Thursday the Federal Reserve launched the first phase of an instant payment infrastructure called FedNow Service that promises to make the option of safe, real-time payments much more widely available, whether someone banks at a large or small US financial institution. While payment processing at financial institutions has become faster over the years - and some large players already are part of a “real-time payment” network - many people still may have to wait at least one business day to have access to 100% of deposits they receive or for payments they make to clear.
When it comes to getting paid - and paid back - most people and businesses want their money as quickly as possible.
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