NEW YORK (AP) — The Federal Reserve has launched a new instant payment service that allows banks and credit unions to sign up to send real-time payments so they can offer customers a quicker way to send money between banks.
FedNow offers instant payment services for banks and credit unions to transfer money for their customers.
Unlike other private money-transferring services like PayPal or Venmo, FedNow services are not offered to customers directly through a third-party app or a website.
The service will only be available through banks or credit unions, though those institutions will likely make it available on their websites and apps.
