The United States Federal Reserve launched a new digital payment system called FedNow, which will facilitate transactions for financial companies, service providers, among others.

Since last June, various testers have been participating in the development of this new Fed tool. Now it is a reality, under strong security standards.

“Early adopters include 41 financial institutions. They participate as senders, receivers and/or correspondents who support the settlement. In addition, 15 service providers processing on behalf of participants and the United States Department of Treasury.

All banks in the country, regardless of size, will have the FedNow payment system available. Transactions will be made in seconds, 24 hours every day of the week, using encryption systems.

The launch of the FedNow digital system is an important change for banking in the United States, which provides facilities for users, greater efficiency to the system, and protection against crimes such as fraud.

M.Pino

Source: bancaynegocios

(Reference image source: Unsplash, in collaboration with Getty Images)

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