Money transfers within the United States have historically been slow compared to other countries, but the US Federal Reserve is introducing a new system called FedNow that promises to revolutionize the banking industry.

FedNow will allow bank transfers to be completed within seconds, similar to the speed of cryptocurrencies. The current system, which can take days to process transfers, has been a burden on consumers and has not been a priority for banks.

The launch of FedNow has sparked speculation about a potential shift towards digital currency, but the Federal Reserve has stated that it is only intended to expedite bank transfers.