Fed's Newest Instant Payment System, FedNow, Is Believed To Be The Precursor To CBDC

Fed Says Consumers Will Not Even Know That They Are Using FedNow

The launch of the Fed’s newest instant payment system, FedNow, went largely unnoticed. As the U.S. central bank is encouraging banks and credit unions to sign up for the new platform, it expects that the new technology will revolutionize the banking industry: FedNow will replace traditional transaction settlement methods, such as check, ACH, and wire services, rendering these systems effectively obsolete.