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News by FinTech Collective Archive

Federal Reserve launches real-time payments system in first big upgrade since 1970s

Emma Ford

July 20, 2023

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Emma Ford

The Federal Reserve has launched a new real-time payments system, the biggest advance in decades for the antiquated US money transfer network.

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“Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a pay cheque, or a company to instantly access funds when an invoice is paid,” Jay Powell explained.

https://www.ft.com/content/dcc83529-5659-4d96-8ddf-83351b060e18

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