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Five questions about the FedNowSM Service payment flow

The Federal Reserve has received a lot of interest, as well as questions, about various aspects of the FedNow Service over the past few months. A number of these questions are specifically related to the payment flow of the service.

To address this, we’ve developed resources to help you better understand how a payment is cleared and settled through the FedNow Service and what role financial institutions play in the process. See our “How the FedNow Service will work” video and payment flow diagram for an overview.

For answers to specific questions, see our “Asked and answered: FedNow Service payment flow” blog post, which addresses:

  • How will financial institutions connect to the FedNow Service?
  • How will settlement occur?
  • Can subaccounts be used?
  • What is the expected end-to-end time for a credit transfer message?
  • And more!

Read the full blog post to get the details and learn more.