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Fed to Launch FedNow in July
- JumpCrisscross 4y agoFedNow is Fed's real-time account-to-account payment system / Zelle analog [1][2]. (Fun fact: the Fed invented the wire transfer, which originally went via Morse code [3].) It will hopefully replace wires and ACH as a faster, cheaper and more secure system. (It is not a CBDC.) [1] https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h... [2] https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/preplanning-roadmap.pdf https://www.frbservices.org/binaries/content/assets/crsocms/... [3] https://www.kansascityfed.org/research/policy-perspectives/payments-innovation-and-the-federal-reserve/ https://www.kansascityfed.org/research/policy-perspectives/p...