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Dubai News Club > Tech > The Federal Reserve’s 24/7 payment system could deposit your paycheck instantly
Tech

The Federal Reserve’s 24/7 payment system could deposit your paycheck instantly

Press Room
Last updated: 2023/07/20
Press Room
Published: July 20, 2023
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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…

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