Federal Reserve Actions To Support Interbank Settlement of Instant Payments; Service Details

Title:

Service Details on Federal Reserve Actions To Support Interbank Settlement of Instant Payments

Subject: Instant payments
Agency: Federal Reserve
Status: Service announcement
Summary:
The Board of Governors of the Federal Reserve System (Board) has approved the FedNowSM Service as described in this announcement. The FedNow Service is a new interbank 24x7x365 real-time gross settlement service with clearing functionality to support instant payments in the United States. The new service will support banks’ provision of end-to-end instant payment services and will provide infrastructure to promote ubiquitous, safe, and efficient instant payments in the United States.
FR Doc: 2019-17027 (notice, request for comment)
2020-17539 (service announcement)
Date proposed: Aug. 9, 2019
Comments due date:

Nov. 7, 2019

Final rule effective date: Sept. 10, 2020 (notice date)
Rule compliance date:
Agency release:

Related Reg Report item(s): Fed faster-payments proposal in Federal Register Friday, out for 90-day comment period

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Fed sets eyes on round-the-clock payment service, available by 2023-24

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