- Its implementation is expected to revolutionize the the banking industry by providing a more efficient and seamless payment experience.
- But many fear that the launch of FedNow will mean less privacy and less control over how people spend their money.
The Fed plans to ditch the ACH transaction method they’ve used for over 50 years in favor of real-time payments.
- Users of the FedNow Service are unlikely to notice any significant differences other real-time payment systems. You’ll continue to log into your bank account and manage your transactions the same way.
- However, the increased control and centralization of the system may result in higher costs for the user.