Fed official: New real-time payment system starts summer ’23

By KEN SWEET
AP Business Writer

NEW YORK (AP) — A Federal Reserve official says that the central bank’s new real-time payments system known as FedNow is expected to go live as early as May 2023. FedNow is expected to allow banks of any size to send payments to each other in real-time. That will allow bank customers to send real-time payments to one another on the same rails. Fed Vice Chair Lael Brainard said she expects the system to launch between May and July next year. Previously the Fed had given vague timetables on when they expected to launch FedNow.