WASHINGTON, DC - MARCH 13: The seal of the Federal Reserve Board is seen outside its William McChesney Martin Building as they joined other government financial institutions to bail out Silicon Valley Bank's account holders after it collapsed on March 13, 2023 in Washington, DC. U.S. President Joe Biden tried to assure the public that the U.S. banking industry was safe following SVB's collapse and after New York regulators' forced closure of Signature Bank. (Photo by Alex Wong/Getty Images)
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."
Planned Parenthood resumed offering abortion services in Wisconsin on Monday after halting them for more than a year since the U.S. Supreme Court overturned Roe v. Wade.
Planned Parenthood resumed offering abortion services in Wisconsin on Monday after halting them for more than a year since the U.S. Supreme Court overturned Roe v. Wade.
Hunter Biden sued the Internal Revenue Service on Monday, alleging that two agents who claimed interference into the case against him wrongly shared his personal tax information amid escalating legal and political struggles as the 2024 election looms.
Yelling that the future and their lives depend on ending fossil fuels, tens of thousands of protesters on Sunday kicked off a week where leaders will try once again to curb climate change primarily caused by coal, oil and natural gas.
Former President Donald Trump repeatedly declined in an interview aired Sunday to answer questions about whether he watched the Capitol riot unfold on television, saying he would “tell people later at an appropriate time.”
