LexisNexis ( February 21, 2023, 1:30 PM EST) -- The Federal Reserve’s new “instant” payments system is on track for a phased-in launch between July and August 2023. The initiative is called the FedNow Service and will offer real-time clearing and settlement services. It is roughly ten years since the Federal Reserve began engaging with the financial services industry about initiating its own faster payments rail. The FedNow Service will operate alongside the Clearing House’s real-time payments platform which was introduced roughly five years ago....