The Federal Reserve on Wednesday evening said its long-awaited digital payment system, the FedNow Service, will start operating in July. The service is designed to provide a national platform for financial institutions to settle payments in real-time and at lower cost. That could include large banks, payment processors, and the U.S. Treasury.
The central bank plans to begin the certification process in April and start testing the service with customers in June. In the meantime, the Fed is advising banks to get ready for the roll-out.
"With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive.
While a number of financial institutions have already agreed to sign on, Montgomery stressed that getting more of the economy on board will be key to its success.
"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor. "The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."
Using sidewalks as exam rooms and heavy red duffle bags as medical supply closets, volunteer medics spend their Saturdays caring for the growing number of migrants arriving in Chicago without a place to live.
Israeli troops advanced toward Gaza City on Thursday, as the Palestinian death toll rose above 9,000. With no end in sight after weeks of heavy fighting, U.S. and Arab mediators intensified efforts to ease Israel's siege of the Hamas-ruled enclave and called for at least a brief halt to the hostilities in order to aid civilians.
Rep. George Santos easily survived a vote Wednesday to expel him from the House as most Republicans and 31 Democrats opted to withhold punishment while both his criminal trial and a House Ethics Committee investigation proceed.
President Joe Biden visited Minnesota on Wednesday.
Former President Donald Trump's two sons, Eric and Donald Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies. Trump Jr. is expected to testify Wednesday.
President Biden is heading to Minnesota and will tour a family-run farm and hold a fundraiser hosting the state's top Democrats.
The Supreme Court will hear arguments about whether a California man is able to trademark the phrase 'Trump too small.' The phrase appears to mock former President Donald Trump and suggests the GOP front-runner is 'too small' for office.
Former president Donald Trump's two sons, Eric and Don Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies.
More than 50 local officials signed onto a letter Tuesday calling on the Environmental Protection Agency to help municipal governments cut food waste in their communities.
After more than three weeks of siege, the first Palestinians — dozens of dual passport holders and seriously injured — were allowed to leave Gaza, where Israeli airstrikes pounded a refugee camp for the second day Wednesday.
