FedNow: What You Need to Know

November 28, 2023

Consumers are increasingly prioritizing immediate access to their money in our 24/7/365 connected world. On July 20, 2023, the Federal Reserve launched FedNow®—a safe, efficient instant payments infrastructure that aims to modernize the U.S. payment system. FedNow® gives participating financial institutions the opportunity to innovate by enabling their customers to send and receive payments in near real time, any day of the year.

How might this new service change business as usual? What are the implications for everyday American consumers and businesses? The St. Louis Fed hosted a virtual event exploring FedNow® and payments innovation featuring Interim President and CEO Kathy O’Neill Paese and Federal Reserve Financial Services Chief Payments Executive Mark GouldA transcript follows this video.

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This popular lecture series addresses key issues and provides the opportunity to ask questions of Fed experts. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.

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