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MVA White Collar Defense, Investigations, and Regulatory Advice Blog: Federal Reserve Discloses Plan for “FedNow” a Real Time Payment System

August 2019

Charlotte Financial Regulatory Advice and Response Member Neil Bloomfield’s MVA White Collar Defense, Investigations, and Regulatory Advice Blog post titled, “Federal Reserve Discloses Plan for “FedNow” a Real Time Payment System” was published on August 14.

The article

The Federal Reserve Board (Federal Reserve) recently announced it will develop a “new round-the-clock real-time payment and settlement service”, named the FedNowService to support faster payments in the United States.  FedNow will be a national instant payment system that is designed to offer an option for consumers and businesses to transfer up to $25,000 24x7x365. Federal Reserve Board Governor Lael Brainard stated, “FedNow will permit banks of every size in every community across the country to provide real-time payments to their customers.”

The full blog article can be viewed here.