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Consumers, businesses gravitate to faster, mobile payments

May 26, 2023

The research results gave the Fed an opportunity to plug the arrival of its new FedNow faster payments system, which is expected to launch services publicly in July. That real-time payments system from the central bank has been in development for years with pilot projects, including bank and technology company participants, underway in recent months.

“Given the move to a 24/7 economy and strong, growing use of faster payments, it is timely that the Federal Reserve’s FedNow Service will be available in July for financial institutions of all sizes to use to provide instant payment services to their customers,” Connie Theien, head of industry relations for Federal Reserve Financial Services, said in a press release Wednesday regarding the research.

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