Federal Reserve Announces Launch of its New Instant Payment System

FedNow® Service


Author: Funds Society, Miami

To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury's Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service

In addition, 16 service providers are ready to support payment processing for banks and credit unions

When fully available, instant payments will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts