Banking and money transfers in the United States can often be a painstakingly slow process. Unlike in many countries where the transfer of funds can occur instantaneously, moving money between US accounts can take days. However, the US Federal Reserve appears to be aware of this and plans to compete with crypto.
The Fed has developed FedNow, a high-speed transportation lane that could potentially revolutionize the banking industry, allowing bank transfers to occur within seconds just like cryptocurrencies.
US Federal Reserve to Speed Up the Traditional Banking System
The Federal Reserve has recognized the need to evolve to stay relevant in a world where financial transactions can be executed instantly with cryptos. Launched in July, FedNow aims to revolutionize the American banking system. Until now, it has been notoriously slow, often taking days for funds to be transferred between accounts.
Although digital platforms like…
