The Fed Launches Real-Time Payments System: Kiplinger Economic Forecasts

You can instantly transfer and access money 24 hours a day with FedNow.

federal reserve building
(Image credit: Getty Images)

Many consumers use online banking to pay bills or send money, but there's often a delay in accessing the funds. A new service from the Federal Reserve aims to fix that issue. To help you understand what is going on and what we expect to happen in the future, our highly-experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest...

The Federal Reserve is launching a real-time payments system, FedNow, which will allow people and companies to make payments in the U.S. banking system around the clock. While apps and payments companies allow people to send money at any time, most transfers still use a system that runs only during business hours. Some transactions may take days to settle. 

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Rodrigo Sermeño
, The Kiplinger Letter

Rodrigo Sermeño covers the financial services, housing, small business, and cryptocurrency industries for The Kiplinger Letter. Before joining Kiplinger in 2014, he worked for several think tanks and non-profit organizations in Washington, D.C., including the New America Foundation, the Streit Council, and the Arca Foundation. Rodrigo graduated from George Mason University with a bachelor's degree in international affairs. He also holds a master's in public policy from George Mason University's Schar School of Policy and Government.