Jul 20, 2023 · The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow ® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their …

Nov 6, 2023 · Integration with QR codes provides additional convenience. These global systems demonstrate how instant payments are transforming finance and commerce around the world. FedNow aims to bring those same possibilities to the United States.

Access to intraday credit is provided to participants in the FedNow Service during its business day under the same terms and conditions as for other Federal Reserve services. The FedNow Service provides liquidity management transfer capability to support instant payment services.

Use FedNow Explorer to learn more about instant payments and features of the FedNow Service

See who's currently live on the instant payments service. This site is a product of the Federal Reserve Banks. The FedNow Service will help enable financial institutions to deliver end-to …

The Fed’s new instant payment service, FedNow, offers uninterrupted 24/7/365 processing. It features integrated clearing and settlement functionalities that allows for the immediate availability of funds to the beneficiary of the transaction.

Does the Fed have access to my bank account with the FedNow Service? No. The Federal Reserve and the FedNow Service cannot access individuals' bank accounts or control how they choose to spend their money.

The first release of FedNow will also include some optional features, including fraud prevention tools, QR codes, the ability to join initially as a receive-only participant, requests for payment capability, and tools to support participants in their handling of payment inquiries.

Find answers to questions often asked about the FedNow Service. What is the FedNow Service? The FedNow Service is a new instant payments infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services.

Access resources to help organizations adopt and implement the FedNow Service, including FedNow Explorer and operating procedures for participants.