TLDR Tech / Fintech
Fed proposes opening FedNow to cross-border payments
The Federal Reserve Board proposed letting banks that participate in its FedNow real-time payments system use intermediaries, in addition to Reserve Banks, to send money through the service. Allowing US financial institutions the ability to tap such intermediaries, including a non-US correspondent bank, is expected to let FedNow participants complete payments in the US and internationally.
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