| 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.
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| 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: |
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| Related Reg Report item(s): | Fed faster-payments proposal in Federal Register Friday, out for 90-day comment period
Fed sets eyes on round-the-clock payment service, available by 2023-24 |
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