Wow, that sounds great, doesn't it? Of course, that is a spot created by the Federal Reserve and up on the Federal Reserve YouTube channel.
FedNow is live at 35 banks.
Axios reports that 35 banks across the country are participating in the launch.
By the numbers: So far, 35 banks have signed up as early adopters of FedNow, including JPMorgan Chase and Wells Fargo, but notably not including Citigroup or Bank of America. That number is rather lower than the Fed led us to believe as recently as recently as June.
The U.S. Treasury is also signed up as an early adopter of FedNow.
In order to use either service, both the sending and the receiving bank need to be signed up for the system.
We are now officially on that slippery slope I've been talking about. I wrote about exactly this happening in my dystopian fiction, Good Citizens, and discussed how this could evolve to control almost every aspect of our lives. READ MORE