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by PaulDavisThe1st 1062 days ago
ACH involves the Federal Reserve Bank in every transfer. FedNow involves the Federal Reserve Bank in every transfer.
1 comments

To be fair only about half of US ACH traffic flows through the Fed (the other half goes through the Clearing House Payments Company), but the Fed is very much involved (and a critical component of) the ACH network, even if the system is not explicitly a government one.