Federal Reserve launches FedNow real-time payment system after years of delays

• FedNow allows instant transfer of funds between accounts at participating banks 24/7.
• Over 50 banks and credit unions have signed on initially, with more expected to join over time.
• FedNow provides upgraded payment infrastructure in the US, bringing it in line with other countries.
• Consumers and small businesses are expected to benefit most from instant access to funds.
• Questions remain about potential fees, fraud protection, and impact on other payment services.

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