As of 3am EST the FedNow transaction network is live paving the way for real-time CBDC payments.
As of July 20th, 41 banks & 15 service providers are certified to use the settlement service, including community banks & large lenders like JPMorgan Chase.https://t.co/1a4HFvD4qR
— Financelot (@FinanceLancelot) July 20, 2023
"Market participants have raised concerns that FedNow's launch on July 20th could super-charge a bank run by facilitating fast outflows from financial institutions.
Fed officials have downplayed concerns, arguing that banks have "tools" available to mitigate waves of outflows"😏 https://t.co/2RhyVZh9fE
— Financelot (@FinanceLancelot) July 20, 2023
h/t jlee2027