Announcements, Faster Payments

Announcing FedNowSM Service Features and Functionality

The Federal Reserve reached a milestone in the development of the FedNow Service with the August 6 announcement of the service’s features and functionality. This announcement reflects the Fed’s efforts toward establishing an infrastructure that will support instant payments in the United States. Industry feedback and in-depth analysis, including over 180 comment letters (Off-site) in response to the August 2019 Federal Register notice (Off-site), helped drive the FedNow Service features and design.

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