Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

FedNow Aimed At Transforming The US Payment System Approved By The Board Of Governors Of The Federal

edited August 9 in The OT Bullpen
Hopefully this means the Fed/Treasury will soon be able to start dropping helicopter money directly into my living room (or at least directly into my checking account) image .
If FedNow were operational, would stimulus checks have reached its recipients faster? Paper checks and associated costs may become a thing of the past.

Through this core infrastructure, ordinary people and small businesses will be able to do near real-time payments. Today, this is possible only using cash.

The press release claims that it will take only seconds to effect a normal transfer.

The dollar cap for transfer through the system is $25,000. A cap that could be re-examined as the system is deployed and matures.

https://forbes.com/sites/vipinbharathan/2020/08/07/fednow-aimed-at-transforming-the-us-payment-system-approved-by-the-board-of-governors-of-the-federal-reserve/#38f1afa16ecd
Sign In or Register to comment.