The US Fed is set to launch a long-awaited instant payment system and modernize the system

The US Fed is set to launch a long-awaited instant payment system and modernize the system.

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FedNow won’t cost customers anything, but it’s not obvious if or how the participating banks would pass on any costs.

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FedNow will initially have a $500,000 maximum payment limit, but banks may decide to reduce that level if necessary.

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