• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Ethereum Price Prediction

    Ethereum price prediction: ETH is slowly forming a double top after rejecting $1450

    Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance

    Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

    Tether

    Tether USDT: What happens if the stablecoin collapses?

    Cryptos

    Cryptos banned: Russian government officials will no longer own digital currencies

    Litecoin price

    Litecoin price prediction: LTC to fall to $120.00 support level

    Bitcoin

    Bitcoin supply crisis could spark a hike in BTC price

    Ethereum price

    Ethereum Price Prediction: ETH trims gains after setting new ATH at $1,480

    Coinbase

    $27 Million XRP wired to Coinbase from “Anonymous user”

    Bitstamp Crypto custody services

    Dutch Bitstamp new requirement of proof of income for withdrawal irks users

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Ethereum Price Prediction

    Ethereum price prediction: ETH is slowly forming a double top after rejecting $1450

    Bitcoin price prediction – Huge uptrend awaits BTCUSD past $34k resistance

    Bitcoin price prediction – Huge uptrend awaits BTC/USD past $34k resistance

    Tether

    Tether USDT: What happens if the stablecoin collapses?

    Cryptos

    Cryptos banned: Russian government officials will no longer own digital currencies

    Litecoin price

    Litecoin price prediction: LTC to fall to $120.00 support level

    Bitcoin

    Bitcoin supply crisis could spark a hike in BTC price

    Ethereum price

    Ethereum Price Prediction: ETH trims gains after setting new ATH at $1,480

    Coinbase

    $27 Million XRP wired to Coinbase from “Anonymous user”

    Bitstamp Crypto custody services

    Dutch Bitstamp new requirement of proof of income for withdrawal irks users

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Industry News

FedNow, the Fed instant payments project is coming soon

Gurpreet Thind by Gurpreet Thind
August 7, 2020
in Industry News
2 min read
FedNow, the Fed instant payments project is coming soon
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

FedNow, the instant payments project by the US Federal Reserve, will soon see the light of the day as the country marches full steam ahead towards digital payments. As per governor Lael Brainard, the US Federal Reserve is setting up a real-time payment solution named FedNow to help speed up transaction efficiency and speed.

FedNow aims to bring financial access to more Americans, especially in today’s pandemic-ridden times. COVID-19 has shown that people today need quick, cashless access to funds. The program was announced almost a year ago, but COVID-19 accelerated its development with the Fed assigning more than 100 people for the project.

FedNow set to go live in 2023 or 2024

Brainard stated that the team has made ‘substantial strides’ on the project. The full-scale launch is slated for 2023. However, the Fed wants to launch a crucial feature-laden version before the launch date to cushion the financial system, and more features will be added later on.

RelatedPosts

Tether USDT: What happens if the stablecoin collapses?

Cryptos banned: Russian government officials will no longer own digital currencies

Digital Yuan: China to airdrop $4.6 million, extends testing to Sichuan

Stablecoins set to invade non-crypto markets

FedNow would provide interbank clearing and settlement service besides a host of other vital banking-related solutions. It will also support liquidity management and anti-fraud mechanisms, as well. ISO 20022 messaging standard will be the default functionality in the upcoming system to help simplify the RTP network of the Clearing House.

Furthermore, FedNow would allow the users to make payments using the phone number or email of the recipient. However, these features would be added later on in the full version.

COVID-19 accelerated development of FedNow

Brainard says the Coronavirus has shown that digital payments are crucial in times of emergency. Cares Act payments were processed mostly using traditional channels such as direct debits. The delays led to heavy financial losses and, in turn, reduced the actual impact of the stimulus.

On the other hand, instant payments could have sped up the whole process and quickly reduce the financial burden of millions of Americans. The FedNow system would aim to achieve this and much more when it launches in the next few years. It would Fed’s next-gen payment mechanism and bring digital payments innovation to every American home.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Tether
Industry News

Tether USDT: What happens if the stablecoin collapses?

January 26, 2021
Cryptos
News

Cryptos banned: Russian government officials will no longer own digital currencies

January 26, 2021
Digital Yuan
Industry News

Digital Yuan: China to airdrop $4.6 million, extends testing to Sichuan

January 25, 2021

Follow Us

  • 40.6k Fans
  • 8.3k Followers

Latest News

Ethereum Price Prediction

Ethereum price prediction: ETH is slowly forming a double top after rejecting $1450

January 27, 2021
Types of Mining 1

Types of Mining

January 27, 2021
What Makes the Bitcoin Trading Industry Worth It 2

What Makes the Bitcoin Trading Industry Worth It

January 27, 2021
Things to Know about Bitcoin 3

Things to Know about Bitcoin

January 27, 2021
Be Part of the Bitcoin Era Today! 4

Be Part of the Bitcoin Era Today!

January 27, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 5

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.