FedNowSM Service
The future of payments is FedNow! The Federal Reserve Banks are developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality. When available, the FedNow Service will help enable financial institutions to deliver end-to-end faster payment services to their customers. With the FedNow network, your customers can send and receive payments any time, any day, anywhere, and have full access to those funds within seconds.
Features under consideration for the FedNow Service include:
- Processing individual credit transfers valued at $25,000 or less in real time (within seconds) on a 24x7x365 basis
- Settling payments through debits and credits to balances in financial institutions’ master accounts at the Reserve Banks, with an end-of-day balance recorded for each day of the week
- Providing liquidity through intraday credit on a 24x7x365 basis under the same terms and conditions as for current Federal Reserve services
- Adhering to the ISO® 20022 standard and providing access through FedLine® connections
- Allowing participating financial institutions to designate a service provider to submit or receive payment instructions on their behalf and settle payments in the account of a correspondent bank
We will update this page as we have more information about this new service, which is under development and subject to change. If you would like to receive FedNow communications or if you have questions, please complete our FedNow Service Interest Form (Off-site). For more information, please review the FedNow Service product sheet (PDF).
