The Federal Reserve on Thursday launched its own instant payment service, FedNow, touted as a way of allowing Americans to do things such as receive their paychecks and cash checks much more quickly, in a matter of minutes, as opposed to waiting one or two business days.
“It is a brand new, shall we call it a superinformation high-speed highway for payments, that the Fed has launched in an effort to modernize its payment systems opportunities for all of us,” Scott Latham, president and CEO of the Alabama Bankers Association, told WSFA 12 News.