First announced in 2019, FedNow acts as a “common network” between banks and credit unions, making it easier for them to route funds across different institutions. So far, there are only 35 participating banks and credit unions, along with the US Department of the Treasury’s Bureau of the Fiscal Service.
Once it’s widely adopted, though, it will let you transfer funds between different bank accounts instantly or even pay your credit card bill on a bank holiday without worrying about…