Central Banks
Fed Launches Long-Delayed Payments Network for Instant Bank Transfers
- About 50 institutions have completed testing to use system
- Network to make payments ‘faster and more convenient’: Powell
The Marriner S. Eccles Federal Reserve building in Washington, DC.
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
The Federal Reserve debuted a new payments system designed to speed up the movement of money among banks around the US, the central bank’s first new network in decades.
The new system, called FedNow, will allow eligible banks with accounts at the Federal Reserve to send money instantly starting Thursday. So far, about 50 institutions have completed the formal testing and certification needed to send or receive payments on the new network, the central bank said.