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TL;DR: FedNow is rolling out, and it will allow any bank with a Federal Reserve Master Account to (nearly) instantly transfer money to other banks via ISO20022
by linsomniac 3y ago
TL;DR: FedNow is rolling out, and it will allow any bank with a Federal Reserve Master Account to (nearly) instantly transfer money to other banks via ISO20022 messages.
IOW: Your bank will be able to offer a "instant payment" service that can send/receive payments to other banks.
Opponents of the system don't like that the Fed will be able to see all transactions.