THE Federal Reserve has just launched a brand new instant payment system rivaling platforms like Venmo and PayPal. With the service, FedNow, users have more options to make everyday payments “faster and more convenient,” said Federal Reserve Chair Jerome H. Powell. FedNow is a brand new payment service allowing for quicker transactions Banks and credit unions, regardless of size, can officially sign up and instantly transfer money for their customers all day every day. The real-time payment system is similar to Venmo or Paypal as it allows consumers and businesses to send and receive money within seconds while others may take one to three days. This means that workers will be
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