Cheaper International Transfers: Faster Payments Access for Citizens.
This new law aims to reduce the cost of sending money abroad, which is especially important for families supporting relatives in other countries. By granting affordable remittance providers access to the FedNow payment system, citizens can expect faster and cheaper transactions, saving them money and time.
Key points
The act aims to lower fees for international money transfers, meaning more money stays with citizens.
Affordable remittance providers will gain access to the FedNow system, speeding up transactions, often to near-instantaneous times.
Clear rules will be established for who qualifies as an “affordable remittance provider,” considering consumer protection and anti-money laundering regulations.
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