What is FedNow, the real-time funds service quickly to be launched by the Federal Reserve?

The Federal Reserve quickly plans to roll out its FedNow providing, a real-time funds service that can present an alternative choice for immediate funds within the U.S.

The service, which is scheduled to launch in July, will let cash “be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year,” the Fed says on its web site.

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