Popular Science: “The Federal Reserve announced earlier this week it expects its FedNow Service, a new online system facilitating instant, digital monetary transactions between people and businesses, to come online sometime between May and July 2023. The release could mark a major moment within the financial sector as it, hypothetically, could drastically undercut the need for third-party digital payment systems and commonplace transaction fees. It could potentially either pave the way for a Central Bank Digital Currency (CBDC), or bypass the need for one entirely. “The benefits of instant payments are increasingly important to consumers and businesses, and the ability to provide this service will be critical for financial institutions to remain competitive,” explained Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive, in this week’s statement…”