Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

FedNow: Instant Payment Service Revolution

July 21, 2023
Reading Time: 2 mins read
in News

 

The Federal Reserve has officially launched FedNow, its first instant payment service, aiming to revolutionize the U.S. payment system. FedNow allows financial institutions to send and receive funds almost instantly, reducing the waiting time for payments and enabling individuals to immediately receive paychecks and businesses to access funds instantly upon invoice payment.

The service is expected to generate competition in the industry and offers a new payment rail that can support any type of payment.

As of its launch, FedNow has 35 banks and credit unions, along with 16 service providers, certified to use the service, including both community banks and major lenders such as JPMorgan Chase and Bank of New York Mellon. The goal is to offer faster and more convenient everyday payments over the coming years.

While the U.S. already has the Real Time Payments (RTP) system owned by The Clearing House, FedNow is government-created and provides an alternative option for banks, particularly those who have been reluctant to join the RTP system controlled by larger commercial banks.

Although FedNow offers instant payment capabilities, it will not be directly accessed by consumers through apps like Zelle. Instead, businesses and consumers will experience FedNow through financial institutions or fintech products connected to the service.

Many financial institutions may initially join as receive-only institutions, but over time, more banks and credit unions are expected to participate fully in the system.

However, some smaller banks are still evaluating and upgrading their infrastructure to prepare for joining the FedNow service, which is designed to bring long-delayed modernization to the U.S. payment system.

Reference:
  • Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live
Tags: Cyber NewsCyber News 2023CyberattackCybersecurityFederal ReserveFedNowFinanceJuly 2023USA
ADVERTISEMENT

Related Posts

US Seizes $225M In Record Crypto Bust

UK Data Law Risks EU Adequacy Deal

June 20, 2025
US Seizes $225M In Record Crypto Bust

US Seizes $225M In Record Crypto Bust

June 20, 2025
US Seizes $225M In Record Crypto Bust

Argentina Busts Russian Disinformation Ring

June 20, 2025
Iran Slows Internet to Prevent Cyberattacks

Episource data breach affects over 5M patients

June 19, 2025
Iran Slows Internet to Prevent Cyberattacks

Ryuk ransomware’s access enabler extradited

June 19, 2025
Iran Slows Internet to Prevent Cyberattacks

Iran Slows Internet to Prevent Cyberattacks

June 19, 2025

Latest Alerts

Winos 4.0 Malware Hits Taiwan Via Tax Phish

New Amatera Stealer Delivered By ClearFake

New Godfather Trojan Hijacks Banking Apps

Fake Minecraft Mods On GitHub Spread Malware

Fake Invoices Deliver Sorillus RAT In Europe

Russian Phishing Scam Bypasses Google 2FA

Subscribe to our newsletter

    Latest Incidents

    Massive Leak Exposes 16 Billion Credentials

    Tonga Health System Down After Ransomware

    Chinese Spies Target Satellite Giant Viasat

    German Dealer Leymann Hacked Closes Stores

    Hacker Mints $27M From Meta Pool Gets 132K

    UBS and Pictet Hit By Vendor Data Breach

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial