FedNowService

According to reports, the Federal Reserve will launch a real-time payment system, FedNowService, in July, aimed at solving the problem of delays in clearing existing inter agency financial transactions. The system will begin authenticating the first batch of participants in early April. （CoinDesk） The Federal Reserve will launch a real-time payment system to solve the problem of delayed clearing of financial transactions between institutions Analysis based on this information:The Federal Reserve of the United States is set to launch its real-time payment system, called FedNowService, in July. This new system aims to address and solve the recurring problem of delays in clearing existing inter-agency financial transactions. According to reports, the authentication process for the first set of participants will start in early April. The new payment system will enable faster and more secure interbank payments, compared to the currently available payment and settlement infrastructure in the country. This is a much-needed improvement, as traditional systems often cause delays, affecting both…