About the FedNow® Service
The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. It will launch in July 2023.
Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments.
The video below follows a payment over the FedNow Service from start to finish, highlighting what financial institutions need to know about their role in the process.
Just getting started on your instant payments journey? Visit the Instant Payments University. If your financial institution is interested in adopting the FedNow Service, visit the Planning Office for resources to help you prepare.
To stay updated on the FedNow Service, sign up for FedNow News.