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Sunday, June 18th, 2023
The U S Federal Reserve is unveiling a new payment method between banks that instantly transfers money, costing 1/5 for each transaction what it cost before to transfer electronic cash.
The new payment method, called 'Fed Now' will begin it's operation on July 1st.
'FedNow is scheduled to begin formal certification of participants of the program in April 2023, with a formal launch planned for July 2023.[6][7] It will operate on a 24-hour, 365-days-a-year basis,[8] as opposed to the U.S. government's current system that is closed on weekends and holidays.[9][10]FedNow's transaction costs are expected to be about one-fifth the cost of existing payment solutions, which cost merchants an average of $0.23 per transaction.[5][clarification needed]'
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