Federal Reserve plans real-time payments service accessible to all

id="article-body" class="row" section="article-body"> Real-time payments could get faster with FedNow.<br> <br> <br> <br> James Martin/CNET The US Federal Reserve Board announced a real-time payments system called FedNow on Monday. The service is being developed now and will be available by 2024, the Federal Reserve said, buy futon online - https://anotherdiscount.com/ adding it'll be "ubiquitous, safe and efficient."<br> <br> <br> <br> Real-time payments systems, such as Venmo and banking apps, already exist. But the Federal Reserve said most current services - https://www.rewards-insiders.marriott.com/search.jspa?q=current%20services are "closed loop" so only people with the same app can transfer money to each other, and some apps can't reach all 10,000 different banks across the US.<br> <br> <br> <br> Now playing: Watch this: Apple Card says no to crypto, E3 expo's major security... 1:43 For the new inter-bank system, the Federal Reserve will speed up its settlement and clearing processes for payments between banks. It'll be available 24/7, 365 days a year, and will be initially limited to $25,000.<br> <br> <br> <br> "FedNow will permit banks of every size in every community across the country to provide real-time payments," said Lael Brainard, Federal Reserve Board governor. <br> <br> <br> <br> It'll benefit both consumers and small businesses, the Federal Reserve said, because it negates the need for expensive check cashing services, high-cost and short-term borrowing and overdraft and late fees.<br> <br> <br> <br> "The Federal Reserve's new FedNow Service, alongside services provided by the private sector, will help establish a safe and efficient nationwide infrastructure supporting faster payment services," the Federal Reserve said Monday in an FAQ about the payments system [PDF].<br> <br> <br> <br> "This infrastructure will assist banks across the country and the broader payment industry in their efforts to build modern, innovative and safe faster payment services."<br> <br> <br> <br> Mobile payments systems<br> <br> <br> <br> Apple Card, Venmo Card and PayPal Card: Which should you get?<br> <br> <br> <br> Apple Pay vs. Google Pay vs. Samsung Pay: Mobile payments compared<br> <br> <br> <br> Apple Card vs Apple Pay vs Apple Cash: What you need to know<br> <br> Share your voice<br> <br> Comments Tags<br> <br> Mobile Security Applications Computers Mobile Apps Internet Services E-commerce