> The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide.
The private sector has had ample time and ability to implement a ubiquitous real-time settlement system, and it has not. I'd consider this money well spent.
https://www.frbservices.org/binaries/content/assets/crsocms/...
> The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide.
https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...