InfoSight Spotlight: Fed now ushers in new era of real time payments

The Federal Reserve Board ended months of speculation with a recent announcement that it plans to develop a “round the-clock, real-time payment, and settlement service.”

Branded FedNow, the service will offer US financial institutions an alternative to the RTP rails launched by The Clearing House in late 2018. According to the Fed, more than 90 percent of the responses to its Request for Comment supported its participation in this arena.

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