FedNow has announced that it will expedite Federal Emergency Management Agency (FEMA) payments and transactions for Helene hurricane survivors. Following this announcement, the funds and transactions will be disbursed within seconds, 24/7, compared to the process that used to take days.

In addition, the financial institution will continue to focus on meeting the needs and demands of clients and customers in an ever-evolving market, while also prioritising the requirements of the industry and the hurricane aftermath. More information on the announcement The FedNow Service was developed in order to enable individuals and businesses to send instant payments through their depository institution accounts. The solution was designed as a flexible, neutral platform that supports a broad variety of instant transactions.

According to NBC News, more than 215 people are known to have died as a result of the destruction brought by Hurricane Helene, since it make landfall in the region of Florida last week. At the same time, hundreds are still missing, with up to 1.000 active-duty soldiers being expected to join the North Carolina National Guard in order to deliver supplies, food, and water in order to help isolated communities. Throughout this initiative, survivors of last week’s Hurricane Helene will have the possibility to receive Federal Emergency Management Agency (FEMA) funds instantly, securely, and efficiently.

The process is expected to take place through the FedNow payments rail if their financial institutions and banks have onboarded with the Federal Reserve’s network. In addition, according to the Federal Emergency, the Biden administration also announced that it will provide USD 10 million in flexible, upfront funding to individuals through its presidential discretionary funds. Source: Link .