Forbes - Goodbye glacial wire transfers

Your Weekly Advisor Update

A Note From Kelly Anne:

There’s nothing more irritating than waiting days for your bank transfer to process. Not to mention that our current banking system’s snail-like pace requires planning bill payments far in advance so it clears by the due date.

Those lengthy waiting periods for wire transfers will soon be a thing of the past. This summer, the Federal Reserve is launching FedNow, which means money transfers will be nearly instantaneous.

This week, we’re diving into the details of this new money transfer service—and what it means for companies like Venmo and Cash App.

Best,

Kelly Anne

Kelly Anne Smith

Deputy Editor

Growth Projects

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

FedNow: What The Fed’s New Instant Payments System Is—And Is Not

Set to launch in July, FedNow will simplify the payments process for millions of Americans.

FedNow will be the first U.S. government-created and backed portal that allows banks to send and receive funds almost instantly. The clearing service will be online 24 hours a day, seven days a week, which means transactions will be processed in real time.

The service will be available to over 10,000 financial institutions operating in the Fed’s network—but they choose whether or not to adopt the platform. That means private-sector apps, like Zelle, Venmo and PayPal, are here to stay. Plus, the Fed insists that it wants to work alongside these apps, rather than replace them.

For those wondering why they might ditch the third-party apps in lieu of FedNow, consider this: The new service is considering anti-fraud measures, such as flagging payments to suspicious accounts and granting return requests for fraudulent transactions. As of now, many of the private mobile payments apps are rife with scams, and it’s difficult—if not impossible—to recover lost funds.

Read more about how FedNow will work, and when your bank might consider implementing the service.

Here’s what else you should know
this week:

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