FedNow

FedNow Service
Developer(s)Federal Reserve
Initial release20 July 2023; 16 months ago (2023-07-20)
Available inEnglish
TypeE-commerce payment system
WebsiteFedNow

FedNow is an instant payment service developed by the Federal Reserve for depository institutions in the United States, which allows individuals and businesses to send and receive money.[1][2][3][4] The service launched on July 20, 2023.[5] Banks will be able to build products on top of the FedNow platform.[6] By 2024, hundreds of banks and credit unions were reportedly utilizing the service.[7]

  1. ^ "Federal Reserve Board – FedNow Service". Board of Governors of the Federal Reserve System. 2022-09-02. Retrieved 2022-09-23.
  2. ^ "Analysis | The Fed's Messaging Needs an Upgrade". Editorial. Washington Post. 2022-09-01. ISSN 0190-8286. Retrieved 2022-11-21.
  3. ^ Duncan, Hannah (2022-10-14). "Fed(up)Now? Instant payments in the US finally on their way". The Banker. Retrieved 2022-11-21.
  4. ^ Smialek, Jeanna (2019-08-05). "Fed Wants Workers to Get Pay Faster". New York Times.
  5. ^ Morga, Adriana (2023-07-20). "Your paycheck could clear faster now that the FedNow instant payment service for banks has launched". AP News. Retrieved 2023-07-20.
  6. ^ Cite error: The named reference Axios August 2022 was invoked but never defined (see the help page).
  7. ^ "FedNow® participants share insights on instant payment use cases | CUNA News". news.cuna.org. Retrieved 2024-04-16.