The Federal Reserve, the central bank of the United States, has launched an instant payment system called 'FedNow'.
The goal of 'FedNow' is to simplify and speed up the payment process between various banks in the United States.
This system allows people and businesses to transfer money instantly without having to wait a long time as with traditional payment systems.
The existence of 'FedNow' is expected to facilitate various financial transactions, such as bill payments and interbank transfers.
The launch of 'FedNow' is a step forward to increase the efficiency and speed of financial transactions in the country.
It is hoped that the introduction of this system will also help improve the overall efficiency of the United States financial system.
Adoption and implementation of 'FedNow' may require time and adjustments from various stakeholders, including banks and financial institutions.
This step shows the Federal Reserve's commitment to continuing to improve the country's financial infrastructure and providing better services for the community.
