WASHINGTON - The Federal Reserve said Monday that it will create a real-time payments system, with the goal of making paychecks and money transfers available for use more immediately.
The move is aimed at narrowing the amount of time between when money is deposited or transferred into an account and when it is available for use. That gap can span several hours or several days, putting individuals - particularly low-income Americans - at a disadvantage.
Community groups, smaller banks and...
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