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The Fed says its new service will function for twenty-four hours each single day. Whereas persevering with to make use of industrial banks as intermediaries, central financial institution officers have beforehand mentioned it’ll enable funds to be processed in a matter of seconds, one thing that’s already the norm in lots of different jurisdictions internationally. That compares to a same-day service from the present U.S. automated clearinghouse system, or delays of days or perhaps weeks for cashing a examine.
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