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Summary from the TLDR newsletter

The US Federal Reserve is set to launch FedNow, a service that will allow US citizens to send and receive funds in seconds. FedNow has been in the works since 2019. It will launch with 41 banks and 15 service providers, with more banks and credit unions to be onboarded later this year. FedNow payments will settle directly in central bank accounts. There will be no fees from FedNow to use the service. FedNow has a maximum payment limit of $500,000, but banks can choose to lower that cap if required.