Federal Reserve System

The Federal Reserve System, often referred to as simply the Federal Reserve or the Fed, is the central banking system of the United States.



In 2020, the Fed announced a new real-time payments service called FedNow, intended to serve as an alternative to the existing private-sector real-time payments system.1) The service was planned for a mid-2023 launch.

On March 15, 2023, the Fed issued an update stating that April 2023 would see the certification process begin for participants in the program, with a target launch of July 2023.2)

Federal Reserve announces July launch for the FedNow Service. (2023, March 15). Board of Governors of the Federal Reserve System. http://archive.today/2023.03.16-030011/https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm

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