The Federal Reserve is set to launch a long-awaited faster payments system by next summer, a step that officials say will modernize an outmoded infrastructure and ensure that near-instant payments become widely available.
The new system would allow bill payments, paychecks and other common consumer or business transfers to be available quickly and round-the-clock, a change from an existing system that is closed on weekends and can at times take several days before funds become available.
