It’s been a big week in the payments space, with the Federal Reserve launching FedNow℠, a new Real Time Gross Settlement (RTGS) system that will go live in 2023 or 2024. FedNow℠ will compete directly with The Clearing House’s RTP® network, launched in 2017. The competition today is over smaller banks and who pays what; the future competition is for the big banks with the most volume.
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