New system for instant payments from banks

The Federal Reserve launched FedNow to enable banks and credit unions to sign up and use a tool to instantly transfer money to customers—any time of the day, any day of the year. The Fed says this will enable small businesses to more efficiently manage cash flow without processing delays. In time, customers will be able to use their financial institution’s mobile app, website, and other interfaces to send instant payments quickly and securely. Check with your bank or credit union on the availability of this instant transfer option. There’s no mention of whether banks and credit unions will charge for an instant transfer, so check with your financial institution. #IdeaoftheDay