The FedNow® Service launches
It‘s a big day in payments news – the FedNow Service is now live!
On July 20, 2023, the Federal Reserve announced the landmark instant payment infrastructure has launched with 35 participating financial institutions, the U.S. Department of the Treasury’s Bureau of the Fiscal Service and 16 service providers.
The new FedNow Service enables participating U.S. banks and credit unions to safely and efficiently transfer funds instantly — any day, at any time — on behalf of their customers.
“Launching the FedNow Service is an important step in the journey toward advancing instant payments throughout across the United States,” said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. “We are excited to see how financial institutions build and innovate on the service over time to meet the growing demand of their customers for instant payments.”
The FedNow Service is poised to grow in the coming years and the Federal Reserve is encouraging each of the nation‘s more than 9,000 banks and credit unions to join the FedNow Service network to help bring instant payments to American businesses and consumers across the nation.
As banks and credit unions sign up and the network grows, more and more individuals and businesses will experience the benefits of instant payments and find them indispensable for everyday transactions. Financial institutions that join the service will have a powerful new tool to attract and retain customers and remain competitive in today‘s changing digital landscape.
Don‘t get left behind – financial institutions can contact their Federal Reserve relationship manager to discuss how they can start adopting the FedNow Service.
https://explore.fednow.org/explore-the-city