Moving the Needle Toward Instant Payments
In fall 2018, after considering requests from industry stakeholders, the Federal Reserve Board requested comment via a Federal Register notice (Off-site) on potential actions the Federal Reserve could take to facilitate interbank settlement of instant payments.
In response, the Board received more than 400 comments (Off-site) from a wide variety of stakeholders in the U.S. payment system, including financial institutions, individuals, consumer organizations, merchants, service providers, private-sector operators, fintech companies and trade organizations. Of those expressing an opinion, the overwhelming majority called for the Federal Reserve to operate a real-time, interbank gross settlement service for instant payments.
The following year, the Federal Reserve Board announced that the Reserve Banks would develop the FedNowSM Service (Off-site), a new 24x7x365 instant payment service to help bring the benefits of safe, efficient instant payments to communities across the country. The decision to develop the service was based on an assessment of public input and policy criteria regarding the Federal Reserve’s role in the U.S. payment system.
Progress on the FedNow Service
Explore key milestones in the development of the FedNow Service below.
Keep up to date on the FedNow Service at FRBservices.org (Off-site). And wherever you are in your instant payments journey, FedNow Explorer (Off-site) provides a customized learning path with frequently updated resources and tools to meet your needs.
To help inform the development of the FedNow Service, join the FedNow Community (Off-site) by submitting the participant profile form (Off-site). If you do not wish to commit to the FedNow Community but would like to receive FedNow Service communications, please submit the FedNow Service Interest Form (Off-site).