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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/#38f1afa16ecdIf 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.