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What Is FedNow & How Can Businesses Prepare for It?

Seon

FedNow, the instant payment service that launched in the US on July 20, 2023, could bring significant new developments to your organization. What Is FedNow? Launched on July 20, 2023, the FedNow Service is an instant payment system created by the Federal Reserve for American households and businesses. What Is FedNow Replacing?

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FPC Draws Member Input with Town Halls on FedNowSM

Faster Payments Council

While responses to the FedNow Request for Comment aren't due until November 7, we're looking at a significant strategic undertaking: we're forming recommendations for the first new payments system initiated by the Fed in more than 40 years. The clock is ticking. With our responses, we, quite literally, are shaping the future of payments.

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Federal Reserve Raises 2020 Payment Services Fees By 2.4 Pct.

PYMNTS

percent for FedLine customers. In August, the Fed launched a real-time payments system, FedNow , that is broadly accessible across the financial services ecosystem. The goal of the FedNow service is to serve as an infrastructural platform on which the private sector can easily build. percent for check services , 3.7