HomeNewsCustomer Experience and ServicesFederal Reserve to Launch Digital Payment System in July

Federal Reserve to Launch Digital Payment System in July

Related stories

Components of Successful B2B Campaigns

Creating a successful B2B campaign involves a thoughtful combination...

Targeting the Right Audience: Strategies for Effective Account-Based Marketing (ABM)

Account-Based Marketing (ABM) has emerged as a powerful strategy...

Google Cloud Introduces New Generative AI Tools for Retailers

Google's cloud business announced in a release recently that...
spot_imgspot_img

The Federal Reserve of the USA is all set to launch a digital payments system in July this year. Federal Reserve promises that the digital payment system will help accelerate the way money moves around the globe.

Richmond Fed President Tom Barkin, who is the program’s executive sponsor, said, “FedNow, as it will be known, will create a leading-edge payments system that is resilient, adaptive, and accessible.”

According to the goals of the program, the digital payment system will allow money transfers, paychecks, disbursements, and bill payments from the government, as also a host of other customer activities to move even faster and at a lower cost.

According to a Federal Reserve announcement, the training and certification process of participants will complete in early April.

Ken Montgomery, the program executive and first vice president at the Boston Fed said, “With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service.”

Subscribe

Latest stories

spot_img