Around the Fed, Event Summaries, Faster Payments, Webinars

Five Ways to Learn More about the FedNowSM Service

Want to learn more about the FedNowSM Service? Are you ready to share your feedback on the Federal Register notice before the November 7 deadline? We’ve pulled together our list of resources to help you better understand the Federal Reserve Board’s announcement to build and operate the FedNow Service (Off-site) – a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments in the United States.

  1. Settlement Assessment Page – Visit this page for an overview of the Federal Reserve’s decision to develop the FedNow Service, including a video of Governor Lael Brainard’s announcement speech.
  2. FedNow Service Webinars: Your Questions Answered – Learn more about what we covered during our August 27 and September 9 webinars and watch the webinar recording.
  3. FedNow Service Frequently Asked Questions (FAQs) (Off-site) – Read some of the frequently asked questions (and our answers) from industry stakeholders like you.
  4. Five Things You Need to Know about the FedNow Service (PDF) – Check out the five things you need to know in this summary of the Federal Register notice.
  5. Q&A with Ken Montgomery, Our New FedNow Program Executive – Read Montgomery’s thoughts about the path toward developing the FedNow Service.

The Federal Reserve is committed to its mission to foster the accessibility, safety and efficiency of the nation’s payment system. Providing payment services, along with collaboration and cooperation with the private sector, is a key part of our ability to affect public policy objectives and achieve those goals for the benefit of the U.S. public. After reading the notice and the resources above, be sure to submit your feedback and help us improve payments for the United States.

How to Comment

The Board is seeking feedback on the FedNow Service via a Federal Register notice (Off-site) through November 7, 2019. All comments will be posted to the Board website without alteration except when necessary for technical reasons or to remove sensitive personally identifying information. We encourage you to provide comments via the following options:

  • Board website: Follow the instructions for submitting or viewing comments on the Proposals for Comment (Off-site) page
  • Email: Send an email to regs.comments@federalreserve.gov and include the docket number, OP-1670, in the subject line
  • Fax: (202) 452-3819
  • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551

We must make numerous decisions in the development of the FedNow Service. Once we’ve assimilated the industry’s feedback and determined initial features, functionality and a development path, a more detailed service description will be published in a subsequent Federal Register notice. We anticipate the service will be available in 2023 or 2024.

FedPayments Improvement

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