As I understand this it is a wholesale interbank rail. The commercial owners of the Fed won't give up their power by introducing this to private customers.
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ahhh got it, thanks
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About the FedNow Service The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit
"around the clock, every day of the year" Wow, what ground breaking technology for the 21 century.
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one question i have is whether instant settlement layered on top of a fractional reserve system actually makes the whole system more unstable or not…
until now i would have thought of this as simply an improvement in speed, but now i’m realizing there may be fragility consequences too.
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