new FedNow payment service from Federal Reserve Bank

Phil Burton

The FedNow Service is a new instant payment infrastructure developed
by the Federal Reserve that allows financial institutions of every size
across the U.S. to provide safe and efficient instant payment services.

Through financial institutions participating in the FedNow Service,
businesses and individuals can send and receive instant payments in real
time, around the clock, every day of the year. Financial institutions
and their service providers can use the service to provide innovative
instant payment services to customers, and recipients will have full
access to funds immediately, allowing for greater financial flexibility
when making time-sensitive payments.

The FedNow Service will be deployed in phases, with the initial launch taking place July 2023.

https://www.frbservices.org/financial-services/fednow/about.html