Federal Reserve: 24x7x365 Interbank Settlement Service with Clearing Functionality to Support Instant Payments in the United States
August 10th, 2020Via: Federal Reserve:
The Federal Reserve Board on Thursday announced details of the FedNow? Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.
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Based on ongoing stakeholder engagement, additional features and service enhancements will be introduced over time. The target launch date for the service remains 2023 or 2024, with a more specific time frame to be announced after additional work is completed.