Fed launches new payments system that lets you send money in seconds

The Federal Reserve launched their long awaited instant payment service called FedNow. According to Yahoo Finance, the service was launched last Thursday and it will allow consumers and businesses to send and receive money in seconds.

FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks. Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately. Reports Yahoo Finance…