Federal reserve recently introduced an innovative payment called fednow.
This system allows financial institutions to make interbank transactions instantly and at a low cost of 0.40 cents.
With availability 24 hours a day, 7 days a week, fednow is a hot topic among politicians, financial institutions, crypto enthusiasts, and us citizens.
Fednow is a payment system designed to facilitate interbank transactions.
Exclusive to financial institutions, the system is accessible through fedline, the federal reserve’s electronic messaging platform.
In comparison to other methods such as ach and wire transfers, fednow fednow stands out with its 24/7 availability, instant transactions, and low fees of only $0.045.
In contrast to ach which takes 2-3 business days, and wire transfers which are faster but expensive, fednow provides an efficient solution for financial transactions in the us.
The question is whether fednow is a prototype central bank digital currency (cbdc) or just an instant payment system.
Although fednow is similar to the cbdc intermediary model proposed by the fed, jerome powell did not specify his views on cbdc intermediaries.
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