A Federal Reserve official said the agency's new real-time payments system FedNow is slated to launch as early as May 2023. FedNow has been in development for around a decade and is supposed to allow banks to send payments to each other in real-time, thus allowing bank customers to send real-time payments to each other as well. The system, which will operate 24 hours a day, seven days a week, is expected to be less expensive than wire transfer or debit card transaction fees. But while FedNow has been in development, other banks and the cryptocurrency industry have been looking...
