Fed release new details on FedNow Service

The Federal Reserve yesterday provided an update on its FedNow Service, indicating that the program will be launched in phases. NAFCU remains supportive of the Fed’s efforts to create a real-time gross settlement service and has urged the Fed to expedite its creation.

The current target release date of 2023 or 2024 remains; however, the Fed intends to announce a more specific time frame for the launch as well as dates for forthcoming pilot programs.

NAFCU has previously shared with the Fed ways in which credit unions and their members would benefit from affordable faster payments capabilities as it encouraged an accelerated launch.

The announcement includes a number of details about the service, many of which NAFCU has advocated for, including:

 

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