FedNow is a forthcoming service developed by the Federal Reserve for depository institutions in the United States. When operational, it will enable individuals and businesses to send and receive instant payments.

The formal launch is planned for July 2023. It will operate on a 24-hour, 365-days-a-year basis, as opposed to the U.S. government’s current system which is closed on weekends and holidays.

The Federal reserve has an informational FedNow page available.

Expect to hear more about FedNow as the launch date approaches.