Government to launch new payment app FedNow this summer

Move over Venmo and Cash App!

COLUMBIA, S.C. (WOLO)— Move over Venmo and Cash App!

The Federal Reserve is launching a new and safer service for you this summer to instantly transfer money around the clock.

FedNow will be aimed at better helping financial institutions serve customers’ needs for a better instant payment service.

Through the service, businesses and individuals receiving or sending money will have full access to funds immediately.

FedNow will launch with a durable set of core clearing and settlement functionality features.

It’s set to officially launch in July.