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."
Former Treasury Secretary Jack Lew testified at his own confirmation hearing for the role of U.S. Ambassador to Israel.
The Pentagon has released video of what it calls coercive and risky maneuvers conducted by Chinese jets, saying there have been over 180 incidents that have fallen into this pattern.
The Pentagon has released videos of what it calls coercive and risky maneuvers conducted by Chinese jets, saying there have been over 180 incidents that have fallen into this pattern.
President Joe Biden is arriving in Israel for a lightning round of diplomatic efforts.
Here's what to know ahead of voting for House Speaker.
The IRS plans to invite select taxpayers across 13 states to try out the agency's pilot electronic free file tax return system beginning in January.
Russian President Vladimir Putin arrived in Beijing, underscoring China's continued support of Moscow amid Russia's ongoing war in Ukraine.
The Justice Department is appealing the prison sentence of the lengths of four Proud Boys leaders who were convicted in the January 6th Capitol attack.
Supreme Court Justice Amy Coney Barrett endorsed the idea that the court adopt a formal code of conduct.
The Supreme Court ruled it would allow the Biden administration to regulate so-called ghost guns, or those untraceable homemade weapons, and also barred two Texas-based manufacturers from selling products that can be turned into ghost guns.
