FedNow

FedNow is a service introduced by the Federal Reserve that enables real-time, 24/7 electronic payments between banks and financial institutions across the U.S. It allows money to be transferred instantly, any time of day or night, making transactions faster and more efficient. This benefits consumers and businesses by providing immediate access to funds, improving cash flow, and reducing delays associated with traditional banking hours. Essentially, FedNow modernizes the payment system to support instantaneous transfers, enhancing the overall speed and convenience of financial transactions nationwide.