Your paycheck could clear faster now that the FedNow instant payment service for banks has launched.
Here is information from the Federal Reserve website about the launch and the participants so far:
"The Federal Reserve’s FedNow Service is an instant payments infrastructure that allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers — 24 hours a day, seven days a week.
This page lists participating financial institutions that are currently live on the service, as well as financial institutions serving as settlement and liquidity providers. Financial institutions that have completed testing and certification will be added to the list once they are live on the service.
Also listed are certified service providers that have completed testing certification to support payment processing for participants. More information about the offerings of these organizations — and those of other vendors that support instant payment services such as bill pay, payroll processing, digital wallet and API development — may be found at the FedNow Service Provider Showcase (Off-site)."