It’s coming in July. And its a big step toward CBDC. It’s the “wholesale” (bank-to-bank) version of CBDC that precedes “retail” (direct-to-consumer) CBDC. It’s unneeded since its function has existed in multiple private apps for years — which is why Elizabeth Warren & media are suddenly demonizing its private competitors.
“With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible,” said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor. “The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy.”