“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell.
FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network.
If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow.
And some initially may only offer to receive FedNow payments for their customers, but not send them.
And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.
Persons:
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Organizations:
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Locations:
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