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FedNow, the Federal Reserve's instant payments service, recently celebrated its first anniversary and currently has over 900 financial institutions enrolled. While this initial rollout has been successful, with 40% of participants actively sending and receiving payments, experts believe widespread adoption is necessary to unlock the full potential of this innovative technology for the U.S. financial system. Here are four key strategies the Fed can employ to achieve industry-wide adoption among the nearly 10,000 financial institutions in the U.S.
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