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Federal Reserve officially launches new FedNow instant-payments service

Federal Reserve officially launches new FedNow instant-payments service

The U.S. Federal Reserve Building in Washington, D.C.

Win Mcnamee | Reuters

The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals.

Whether it’s providing instant access to paychecks, allowing for last-minute bill payments or sending government payments out to individuals, the system is expected to…


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