But to receive money in your bank account-whether from a check, direct deposit or payments app-you may have to wait a few business days, or bide your time over holidays or weekends. The Fed already has a payments portal but it doesn’t operate in real time, unlike Venmo, Cash App and other money transfer apps that allow users to instantly send money between app accounts. government-created and -backed portal allowing banks to send and receive funds almost instantly. Its potential impact on the global banking industry-with thousands of financial institutions able to access the system-has generated not only praise but also concerns and confusion about what FedNow will actually do. It’s similar to what the private sector has already created through payment apps like Venmo and Cash App that send funds almost instantly but outside of bank accounts.įedNow has been years in the making. This will be the first government-created platform to help your bank transfer money in real time. The Federal Reserve plans to roll out its long-anticipated faster payments system, called FedNow, in late July.
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