Fed to Launch FedNow in July

FedNow is Fed's real-time account-to-account payment system / Zelle analog [1][2]. (Fun fact: the Fed invented the wire transfer, which originally went via Morse code [3].)

It will hopefully replace wires and ACH as a faster, cheaper and more secure system. (It is not a CBDC.)

[1] https://www.federalreserve.gov/paymentsystems/fednow_about.h...

[2] https://www.frbservices.org/binaries/content/assets/crsocms/...

[3] https://www.kansascityfed.org/research/policy-perspectives/p...