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Press Release

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the information through the links provided below.

July 20, 2023

Federal Reserve announces that its new system for instant payments,
the FedNow(r) Service, is now live

For release at 10:00 a.m. EDT

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The Federal Reserve on Thursday announced that its new system for
instant payments, the FedNow^(r) Service, is now live. Banks and credit
unions of all sizes can sign up and use this tool to instantly
transfer money for their customers, any time of the day, on any day
of the year.

"The Federal Reserve built the FedNow Service to help make everyday
payments over the coming years faster and more convenient," said
Federal Reserve Chair Jerome H. Powell. "Over time, as more banks
choose to use this new tool, 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.

When fully available, instant payments will provide substantial
benefits for consumers and businesses, such as when rapid access to
funds is useful, or when just-in-time payments help manage cash flows
in bank accounts. For example, individuals can instantly receive
their paychecks and use them the same day, and small businesses can
more efficiently manage cash flows without processing delays. Over
the coming years, customers of banks and credit unions that sign up
for the service should be able to use their financial institution's
mobile app, website, and other interfaces to send instant payments
quickly and securely.

As an interbank payment system, the FedNow Service operates alongside
other longstanding Federal Reserve payment services such as Fedwire^(r)
and FedACH^(r). The Federal Reserve is 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 is
attached. Additional information is available on the Federal Reserve
Financial Services website.

For media inquiries, please email [email protected] or call
202-452-2955.

  * Attachment (PDF)

Related Content

FedNow(r) Service

Frequently Asked Questions

Additional Questions and Answers

Last Update: July 20, 2023

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