The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a

The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a

The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a

The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a

The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a

The U.S. Federal Reserve announced the launch of its new FedNow system, which allows financial institutions to instantly transfer money to customers any day, anytime.

"The Federal Reserve built the FedNow service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell, in a statement. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

The FedNow system, according to the central bank's FAQ, is not a direct-to-consumer or direct-to-business service. Instead it is accessed directly by banks and credit unions who, in turn, can offer their customers instant access to funds versus having to wait a few days for, say, a check to clear. Another document on the matter noted that when the Fed says "instant" it means "instant" and not "faster." The Fed has used the term "instant payment" to refer to a