The United States Federal Reserve Board is planning to release a real-time payments and settlements service in order to boost the payments infrastructure in the country.
A press release published on Aug. 5 reads that the Board of Governors of the Federal Reserve System has requested that Federal Reserve Banks develop a new interbank real-time settlement service to support faster payments in the U.S. The payment system is called FedNow and will purportedly launch in 2023 or 2024.