The Federal Reserve's major project is now expected to arrive between May and July of next year.
“The benefits of instant payments are increasingly important to consumers and businesses, and the ability to provide this service will be critical for financial institutions to remain competitive,” explained Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive, in this week’s statement.
This wouldn’t necessarily negate the need for private banking institutions, but rather offer an alternative for people deterred by minimum balance requirements and annual fees.its potential to reduce many people’s longstanding reliance on predatory payday loans, and provide the government with a means to issue direct payments to citizens in times of economic or environmental crisis.
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