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Fed finalizes rule for transfers over FedNow service

The Federal Reserve Board has announced it has finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow Service. The final rule, which adds a new subpart C to Regulation J, is substantially similar to the proposal from last year, with a few clarifications in response to comments.

The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023.

The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service.

The rule will become effective at the start of the first calendar quarter following its publication in the Federal Register.

PUBLICATION and EFFECTIVE DATE UPDATE: Published on June 6, 2022, at 87 FR 34350, with an effective date of October 1, 2022.

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