The U.S. Federal Reserve to Launch Real-Time Payments System | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
In a bid to make it possible for financial institutions under its purview to facilitate real-time, round-the-clock payments, the United States Federal Reserve, the nation’s central bank, has announced plans to launch its new payment and settlement service called FedNow, according to a press release on August 5, 2019.
Modernized Payments System
With the growing ubiquity and proliferation of distributed ledger technology (DLT) into the global financial ecosystem, more and more forward-thinking banks are leveraging the revolutionary technology for superfast and cost-efficient payments.
In order not to be left behind in innovation, the Federal Reserve, which is the United States central banking system has revealed that it is looking to develop FedNow, a solution that would enable lenders in the region to support round-the-clock, real-time payments.
The apex bank firmly believes that such a payment platform that supports the transfer of funds on a 24/7 basis, will be a great tool for individuals and businesses to seamlessly manage their funds and make time-sensitive payments.
Commenting on the exciting development, Federal Reserve Board Governor, Lael Brainard noted that it’s the right of every citizen to be able to send and receive payments in real-time in a secure manner and FedNow will make that possible.
In his words:
“Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community. FedNow will allow financial institutions of all sizes in all communities across the U.S.