FedNow is Live!
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome H. Powell. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."
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.
Click the Read More button to read the complete press release.
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| Delivery Type | - Articles / Editorial
- Partner / Industry Resources
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| Role | - Back Office Operations
- Compliance, Risk Incident Management
- Executive Leader
- Frontline Operations
- Payments Support
- Strategist / Thought Leader
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| Organization Type | - Associations
- Challenger / Neo Bank
- Financial Institution
- Software & Service Provider / FinTech
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| News Details Button URL | https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm |