Fed Board, Press Release: Federal Reserve announces July launch for the FedNow Service

“The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.”

“The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine^® network, which serves more than 10,000 financial institutions directly or through their agents.”