The US Federal Reserve, the world’s central bank, on Tuesday said it will soon be launching a mobile banking app to help people protect their bank accounts.
The app, called Wallet, is slated to launch in 2019.
“As our mobile banking business continues to grow, the Federal Reserve is committed to making it easier for customers to make their banking decisions,” Fed President William Dudley said in a statement.
The new app will allow people to make deposits in online accounts, create or withdraw money, and access accounts and check balances in real-time.
The Federal Reserve will also use the app to make payments and other financial services, the Fed said.
“We expect to release the first version of Wallet in the third quarter of 2019, which will enable people to use it for their daily banking needs, as well as for other purposes,” the Fed added.
The move to release an app comes just days after the Fed raised interest rates, a move that has been widely applauded by consumers.