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Announcing Operating Circular 8

The Federal Reserve Banks published Operating Circular 8 (PDF) on Sept. 21, 2022, which is effective upon publication. This operating circular sets the terms and conditions governing the FedNowSM Service alongside the FedNow Service Operating Procedures (PDF), also published Sept. 21.

Operating Circular 8

In anticipation of the forthcoming FedNow Service launch, Operating Circular 8 outlines terms and conditions for funds transfers made through the service.

The accompanying FedNow Service Operating Procedures provide operational details and guidelines for organizations that will enable the FedNow Service. Key topics include participant and service availability expectations, participant and connection profiles, fraud mitigation and reporting, as well as ISO® 20022 messaging used within the FedNow Service.

Both Operating Circular 8 and the FedNow Service Operating Procedures are available on the Operating Circulars page.

The FedNow Service

Financial institutions participating in the FedNow Service will be able to offer businesses and consumers the ability to send and receive instant payments efficiently and securely, 24 hours a day, every day of the week. Payment recipients will have access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.

For an in-depth look at FedNow Service features and functionality, visit FedNow Explorer (Off-site).