What is FedNow?
The FedNow Service is a new instant-payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient payment services. Read about the launch
Like other payment infrastructure services offered by the Federal Reserve, the FedNow Service is not directly accessible to individual consumers. In the coming years, customers of enrolled banks and credit unions should be able to use their financial institution’s mobile app, website and other interfaces to send instant payments quickly and securely.
We anticipate that as financial institutions join the FedNow Service, they will offer new products and services for their customers to make instant payments over time.
Information for banks and credit unions
The FedNow Service is a flexible platform that can be used to support multiple types of payments. We anticipate that as financial institutions join the service, they will roll out a variety of innovative instant payment services that customers will find beneficial, particularly in times where rapid access to funds is useful, or just-in-time payments help manage cash flows in bank accounts.
FedNow Service virtual town hall
At this lively 90-minute virtual town hall, attendees heard from financial institutions that are live on the FedNow Service and learned about their launch experiences and ways they’re supporting a variety of instant payment use cases. Federal Reserve leaders also previewed what’s next for the FedNow Service and upcoming engagement opportunities. | Presentation slides
To find out how your financial institution can participate in the FedNow Service, contact your Federal Reserve Bank Financial Services Relationship Manager.