As the banking system begins to collapse, the Federal Reserve is launching its “FedNow” program in July.
The United States Federal Reserve announced Wednesday it will roll out “FedNow,” its long-awaited instant payment system, in July.
The FedNow Service will be available 24 hours a day, seven days a week, 365 days a year for instant bill payments, money transfers including paychecks and disbursements from the government.
The system does not rely on blockchain technology and is operated by a consortium of large banks.
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The Fed will “begin the formal certifications of participants during the first week of April in preparation for the July launch.”
“The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system,” the Board of Governors of the Federal Reserve System announced in a statement issued on Wednesday.
“Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience,” the Fed continued. “In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.”
Poster Comment:
This will solve the problem of liquidity in the banks. It will lead to hyperinflation, a dictatorship in DC and digital passport controls.