FedNow, ‘Instant’ Payments and Real Estate Closings, or, We Could All Just Go Back to Writing Checks
The Federal Reserve’s instant payment service, FedNow, will be available at participating financial institutions starting in July 2023. Like other instant payment services such as Real Time Payments (RTP), FedNow claims to offer immediate electronic payment, that is, within minutes or seconds. The service will be available seven days a week, 24 hours a day … More FedNow, ‘Instant’ Payments and Real Estate Closings, or, We Could All Just Go Back to Writing Checks