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At the time of Thursday’s launch, 35 banks and credit unions, and the U.S. Department of the Treasury’s Bureau of the Fiscal Service, were ready with instant payment capabilities via FedNow, and 16 service providers were ready to support payment processing for banks and credit unions, the Federal Reserve said on Thursday.
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“The FedNow Service is progressing the future of instant payments in the United States, and both merchants and financial institutions can greatly benefit from the new payment ecosystem,” Pidgen Founder and CEO Abhishek Veeraghanta said in a Thursday press release.
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