this post was submitted on 20 Jul 2023
56 points (100.0% liked)
U.S. News
2220 readers
26 users here now
News about and pertaining to the United States and its people.
Please read what's functionally the mission statement before posting for the first time. We have a narrower definition of news than you might be accustomed to.
Guidelines for submissions:
- Post the original source of information as the link.
- If there is a paywall, provide an archive link in the body.
- Post using the original headline; edits for clarity (as in providing crucial info a clickbait hed omits) are fine.
- Social media is not a news source.
For World News, see the News community.
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Digging deeper, the Federal Reserve says this about it:
So it’s a system your bank uses to send your money to other people’s accounts at other banks. In my mind it’ll kinda be like bill pay, you’d go to your bank’s website to do it.
It's more of a protocol/standard which can be used to build applications and interfaces. Bill pay will likely be an application and your bank's website will likely have some interface that uses FedNow. But there will be many other applications and interfaces.