Federal reserve to develop round-the-clock real-time payment and settlement service

To compete with "Wall Street"

The Fed plans real time payment system to compete with Wall Street.

• Federal Reserve to develop round the clock real time payment and settlement service. Expected to launch in 2023 or 2024
• Exploring expanding fedwire funds service and national settlement service hours to operate all day, every day

To read more about what is being termed FedNow Sevice HERE.

This in effect might be a direct competition to the propose Facebook Libra service (less safe) and wondering if also a hit to companies like Visa and Mastercard.