The Federal Reserve banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow Service.

U.S Federal Reserve will likely be rolling out a new FedNow payment system an alternative to Centralized digital bank currency (CBDC) this July it aims to solve instant payments services for users.


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On March 15th, in the midst of the banking collapses, the Federal Reserve issued a press release detailing a new instant payment system that will be launched in July. That system is called #FedNow. #CBDC