Birdwatch Note Rating
2023-04-06 15:50:19 UTC - HELPFUL
Rated by Participant: C33F2C6F30435C9B48D632723A62C2BD2D2ED5FAB4F871265A6751D588EF16F0
Participant Details
Original Note:
The Fed already does trillions in bank transfers daily w/ FedWire. This new system, FedNow, has been in the works since 2019, and removes the current restrictions of 7pm the prior day to 9pm current day Mon-Fri transfers, making them instant. This is not a digital currency https://www.investopedia.com/terms/f/fedwire.asp https://www.frbservices.org/financial-services/fednow/about.html
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