Reuters
The U.S. Federal Reserve announced it plans to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024.
In a statement, the U.S. central bank said it was seeking public comment on the project, saying near-instantaneous transfer of funds 24 hours a day could yield economic benefits for individuals and businesses.
The new service, dubbed FedNow, would operate alongside a private real-time payments system established by a group of large banks in 2017.
