The FedNow system, operating on existing payment rails and frameworks, does not expand the reach of the U.S. dollar, nor expand the potential number of dollar-based transactions that are possible ...

It’s called the FedNow payment system," said the speaker in a video posted April 6 on TikTok. The speaker also says its purpose is for the government to track how Americans spend their money.

Britain already has a version of this, since non-bank payment-service providers can apply to use the Bank of England’s real-time payments system. As with many technologies, digital finance may ...