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Federal Reserve Launches FedNow Instant Payments System

The Federal Reserve announced on Thursday that its instant payments system, the FedNow Service, is up and running. According to the Fed, Banks and credit unions of all sizes can sign up and use the tool to instantly transfer money for their customers, 24/7, 365 days a year.

FedNow logo

The Fed says the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.

To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions.

The Federal Reserve says it’s committed to working with the more than 9,000 banks and credit unions across the country to support the widespread availability of this service for their customers over time.

A list of early adopters with instant payment capabilities can be viewed here

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