Fed aims to make instant payments the norm.

The Federal Reserve is working to make instant payments through its FedNow system a common feature in the U.S. financial services industry, with the goal of having every bank and credit union in the country adopt the service. While some smaller financial institutions have eagerly embraced FedNow as an alternative to the RTP network owned by larger banks, challenges remain in terms of technology upgrades and staffing adjustments. The Fed aims to educate both financial institutions and businesses on the benefits of instant payments, anticipating that fear of missing out will drive further adoption and usage over time. [Extracted from the article]