FedNow Service for faster payments

The Federal Reserve Board has reported that the Reserve Banks will develop a new round-the-clock real-time payment and settlement service, to be called the FedNow Service, to support faster payments in the United States. Comments are requested on how the new service might be designed to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payment system. The Board anticipates the FedNow Service will be available in 2023 or 2024.

The Board also announced its intention to explore the expansion of Fedwire Funds Service and National Settlement Service hours, up to 24x7x365, to facilitate liquidity management in private-sector real-time gross settlement services for faster payments and to support a wide range of payment activities, beyond those related to faster payments. The Board's Federal Register notice and FAQs concerning the Faster Payments initiative were provided with the Board's press release. Comments will be accepted for 90 days following publication of the Board's notice.