US Federal Reserve launches peer-to-peer , real-time payments service FedNow
US Federal Reserve , Eccles Building , Washington DC
Washington DC ’ s Eccles Building , home of the US Federal Reserve . The US ’ central banking system recently launched FedNow , a peer-to-peer real-time payments ( RTP ) service designed to foster faster cash flow between individuals and businesses .
Companies such as Zelle and Venmo are private RTP services operating in the US , so FedNow will offer a centralised system for transferring funds in real time .
There are some high-profile early FedNow adopters too , US banking giants JPMorgan Chase and Wells Fargo included .
The willingness of established institutions to immediately sign-up for FedNow highlights its significance to the US economy .
Image credit : Getty
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