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.
Visit these links to learn more:
- FedNow launch timing and service design (Off-site)
- Board of Governors’ press release (Off-site)
- Settlement Assessment page for historical background