The US Federal Reserve will soon launch a real-time payment system, FedNow. It aims at making paychecks and money transfers available for use. Apparently, the Fed will launch the payment service in the year 2023 or 2024.

Currently, the government’s system doesn’t operate on weekends. So, it takes days to process certain transactions such as bill payments and direct deposits. With this payment system, there will be faster payment services, which enable the near-instantaneous transfer of funds day and night, weekend and weekdays. Therefore, it has the potential to become widely used and to yield economic benefits for individuals and businesses. This is achievable by providing them with more flexibility to manage their money and make time-sensitive payments. Crypto-Based companies will soon contribute to this project. They will aim to build fast, safe and ubiquitous payment networks in the U.S.

FedNow is receiving mixed reactions from everywhere. As per the source, some members of the crypto community were not amused by the idea of the US Federal Reserve launching its own payment system. Banks that own the private payment system have shown their worry about a big, public-sector rival. By law, the Fed doesn’t seek to make a profit. However, it has to cover its costs by charging banks for the services it provides.

The Fed has been exploring how to speed up the payment system since at least 2013. The Board is now requesting comments on the design of the new service. This is to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payment system.