Birdwatch Note Rating
2023-04-06 16:26:17 UTC - HELPFUL
Rated by Participant: F8C025C2FC5B8084A3EBDF039A394044E2132B0BC77F35B9E64BEE44E1D7BD08
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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