The FedNowSM Service is being developed by the Federal Reserve to enable financial institutions of every size, and in every community across America, to provide safe and efficient instant payment services in real time, around the clock, 365 days a year. Through participating FedNow financial institutions, businesses and individuals will be able to send and receive instant payments conveniently, for example, using mobile devices. Recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Consistent with the Federal Reserve’s historical role of providing payment services alongside private-sector providers, the introduction of the FedNow Service will provide choice in the market for clearing and settling instant payments as well as promote resiliency through redundancy.
For more information, please review the FedNow Service Frequently Asked Questions (Off-site).