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"Federal Reserve's Groundbreaking Instant Payment System, FedNow®, Goes Live!"

 "The Federal Reserve Introduces FedNow® Service for Instant Payments: Banks and Credit Unions Can Now Transfer Money Instantly, Anytime, Any Day!"


The Federal Reserve has exciting news to share as they launch their new instant payment system, the FedNow® Service. This innovative platform allows banks and credit unions of all sizes to sign up and offer their customers the ability to transfer money instantly, 24/7, every day of the year.


Federal Reserve Chair, Jerome H. Powell, emphasized that the FedNow® Service was designed to make everyday payments faster and more convenient in the coming years. As more banks adopt this new tool, individuals and businesses will enjoy numerous benefits, such as receiving paychecks immediately or accessing funds as soon as invoices are paid.


Currently, 35 early-adopting banks and credit unions, along with the U.S. Department of the Treasury's Bureau of the Fiscal Service, are equipped with instant payment capabilities through the FedNow® Service. Additionally, 16 service providers are ready to support payment processing for banks and credit unions.


Once fully operational, instant payments will provide significant advantages for consumers and businesses. Individuals can receive their paychecks instantly and use them on the same day, while small businesses can manage cash flows more efficiently without delays in processing. Customers of banks and credit unions that sign up for the service will be able to use their financial institution's mobile app, website, and other interfaces to send instant payments securely and swiftly.


The FedNow® Service functions as an interbank payment system alongside other well-established Federal Reserve payment services like Fedwire® and FedACH®. The Federal Reserve is committed to collaborating with over 9,000 banks and credit unions nationwide to ensure widespread availability of this service for their customers in the future.


For more information and a list of early adopters with instant payment capabilities, interested parties can visit the Federal Reserve Financial Services website. Media inquiries can be directed to media@frb.gov or by calling 202-452-2955. This marks a significant step forward in the world of instant payments, promising greater convenience and efficiency for all.

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