In 2017, an interbank payment system providing near-instantaneous settlements debuted. Why has it yet to catch fire?
The central bank will develop the FedNow service itself rather than defer to the private sector.
As a new era of real-time payments dawns, companies must weigh the benefits against arguments for early caution.
The new platform conducts transactions within seconds and could help the U.S. catch up with other leading global payments players.
