The Federal Reserve on Wednesday evening said its long-awaited digital payment system, the FedNow Service, will start operating in July. The service is designed to provide a national platform for financial institutions to settle payments in real-time and at lower cost. That could include large banks, payment processors, and the U.S. Treasury.
The central bank plans to begin the certification process in April and start testing the service with customers in June. In the meantime, the Fed is advising banks to get ready for the roll-out.
"With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive.
While a number of financial institutions have already agreed to sign on, Montgomery stressed that getting more of the economy on board will be key to its success.
"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor. "The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."
Israeli Prime Minister Benjamin Netanyahu says Israel will have “overall security responsibility” in Gaza for an indefinite period after its war with Hamas.
The Israeli army severed northern Gaza from the rest of the besieged territory and pounded it with airstrikes Monday, preparing for expected ground battles with Hamas militants in Gaza's largest city and an even bloodier phase of the month-old war.
Four men were charged Monday over the theft of an 18-carat gold toilet from Blenheim Palace, the sprawling English country mansion where British wartime leader Winston Churchill was born.
Donald Trump began testifying Monday morning in his civil fraud trial, producing the spectacle of a former president and the leading Republican presidential candidate defending himself against allegations that he dramatically inflated his net worth.
The most-watched races in Tuesday’s off-year general election have all been dominated by the ongoing debate over abortion rights.
Iowa Gov. Kim Reynolds is reportedly planning to endorse Florida Gov. Ron Desantis in the Republican primary.
The endorsement could give DeSantis' campaign a boost as he struggles to show progress against Donald Trump in the Republican primary.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
The watchdog office overseeing the National Science Foundation is sending investigators to Antarctica's McMurdo Station after hearing concerns about the prevalence of sexual violence at the U.S. research base.
Frederico Klein, a former State Department official, was sentenced to nearly six years in prison after being found guilty on several counts including assault of multiple police officers at the Capitol on Jan. 6.
