Have you shared your feedback on the FedNowSM Service yet? Don’t miss your chance to submit your comments before the November 7 deadline! The Federal Reserve Board announced on August 5 that the Federal Reserve Banks will 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. The Board is seeking public comments on all aspects of the FedNow Service through a Federal Register notice.
While the current notice doesn’t outline specific questions to respond to, we invite comments on all aspects of the FedNow Service and left it open-ended to provide you with the latitude to do so. Need help navigating the notice? Consider these sections:
- Section V.C. - Features under consideration as part of the core service upon initial implementation.
- Section V.C. - Ancillary features that may or may not be available at initial implementation.
- Section V.D. - Implementation timeframe.
To help you understand what is in the Federal Register notice and prepare to submit your comments, we have developed some additional, complementary resources. Check out the links below to get the latest information and share your feedback!
- FedPayments Improvement Settlement Assessment (Off-site) 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.
- FedNow Service Webinars: Your Questions Answered (Off-site) - Learn more about what we covered during our August 27 and September 9 webinars and watch the webinar recording.
- FedNow Service Frequently Asked Questions (FAQs) (Off-site) – Read some of the frequently asked questions (and our answers) from industry stakeholders like you.
- Five Things You Need to Know about the FedNow Service (Off-site) – Check out the five things you need to know in this summary of the Federal Register notice.
- Q&A with Ken Montgomery, Our New FedNow Program Executive (Off-site) – Read Montgomery’s thoughts about the path toward developing the FedNow Service.
- FedNow Service Product Sheet (PDF) – View the features under consideration for the FedNow Service and the proposed payment flow.
- FedNow Service page – Stay tuned to this page for ongoing updates as we develop the service.
Action Item:
Submit your feedback on the Federal Register notice (Off-site) by 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
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Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551
Stay connected
If you would like to receive FedNow communications or if you have questions, please complete our FedNow Service Interest Form (Off-site). Follow us on the social media channels below to stay informed about the FedNow Service and our ongoing efforts toward the future of payments:
