FedNow Service

The FedNow Service is being developed by the Federal Reserve to enable financial institutions of every size, and in every community across America to provide safe and efficient instant payment services in near real time – around-the-clock, 365 days a year. Through participating FedNow financial institutions, businesses and individuals will be able to conveniently send and receive instant payments. Recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Consistent with the Federal Reserve’s historical role of providing payment services alongside private-sector providers, the introduction of the FedNow Service will provide choice in the market for clearing and settling instant payments as well as promote resiliency through redundancy.