WASHINGTON — The Federal Reserve said on Monday that it would create a real-time payments system, with the goal of making paychecks and money transfers available for use more quickly.

The move is aimed at narrowing the amount of time between when money is deposited or transferred into an account and when it is available for use. That gap can span several hours or several days, putting individuals — particularly low-income Americans — at a disadvantage.

Community groups, smaller banks and advocates for low-wage earners have been calling for the Fed to limit the delay and to create a public sector option for real-time payments. But some in the banking industry, particularly large banks, have pushed back against the effort over concerns that the Fed’s involvement will compete with their products and potentially crowd out private-sector efforts.

The round-the-clock service will be called FedNow and is expected to become available in 2023 or 2024, according to the Fed’s news release.