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Fed launches FedNow instant payments service

By TechTaffy Desk

The U.S. Federal Reserve has launched FedNow, a service for instant payments. The objective is to provide banks and credit unions with the ability to instantly transfer funds instantly at any time, all week long, to their customers.

To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions.

As an interbank payment system, the FedNow Service operates alongside other longstanding Federal Reserve payment services such as Fedwire and FedACH.

[Image courtesy: The Federal Reserve]

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