Federal Reserve Will Launch ‘FEDNOW’ Payment Service In July
As the banking system begins to collapse, the Federal Reserve is launching its “FedNow” program in July.
The United States Federal Reserve announced Wednesday it will roll out “FedNow,” its long-awaited instant payment system, in July.
The FedNow Service will be available 24 hours a day, seven days a week, 365 days a year for instant bill payments, money transfers including paychecks and disbursements from the government.
The system does not rely on blockchain technology and is operated by a consortium of large banks.
The Fed will “begin the formal certifications of participants during the first week of April in preparation for the July launch.”
“The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system,” the Board of Governors of the Federal Reserve System announced in a statement issued on Wednesday.
@federalreserve @frbservices announce July launch for the FedNow Service: https://t.co/a7kPqxkS7Q
— Federal Reserve (@federalreserve) March 15, 2023
“Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience,” the Fed continued. “In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.”
The Federal Reserves announcement of FedNow comes days after the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday.
SVB and Signature Bank are just the first Dominoes to fall.
Proponents of FedNow contend the system will get money to Americans living paycheck to paycheck and small businesses more quickly and provide 24-hour access as opposed to the current system that closes on weekends.
“With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible,” said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor.
“The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy,” Barkins added.
People will have to prove their identity digitally to access their accounts, contends tax attorney and financial advisor Rebecca Walser.
“You cannot do digital currency without trusted digital verification,” Walser argued in a recent interview. “Therefore, everyone will have to get a digital ID. It will be really interesting to see how people play this when they’ve said all along that many people in our country don’t have the ability –too much a burden — to get an id. Now everyone, just to have an account, is going have to get not just a digital id, but you are going to have to confirm your digital ID through government documents.”
MUST WATCH: Here are some clips from financial expert Rebecca Walser on the current situation with CBDC and nation’s banks. All this is setting the stage for the Federal Reserve’s #FedNow system
If you haven’t seen this you had better brace yourselves!! pic.twitter.com/X8gSGVgz7C
— 🏾 Wayne DuPree (@WayneDupreeShow) March 12, 2023
Globalists are using Covid and climate change as a pretext to implement 15-minute cities, agenda 2030, digital ID and rationing. Similarly, the banking collapse will provide a mechanism for big brother to lock you out of money and food until you participate in the digital identity system.
“You are going to have to establish yourself so that a clear digital identity can be registered to you,” Wasler continued. “This digital identity is going to be accessible across all spectrums of health care. All of your credit information, all three credit bureaus, all of your banking information directly with the federal reserve.”