Introducing the FedNow Service, an innovative instant payment infrastructure developed by the Federal Reserve. This groundbreaking system enables financial institutions of all sizes across the United States to offer secure and efficient instant payment services.
With the participation of financial institutions in the FedNow Service, both businesses and individuals can now send and receive instant payments in real-time, 24/7, 365 days a year. This means that time-sensitive payments can be made with ease, providing recipients with immediate access to funds and enhancing their financial flexibility.
The deployment of the FedNow Service will occur in phases, with the initial launch scheduled for July 2023. This phased approach ensures a smooth and seamless integration of the service into the financial landscape.
To provide a comprehensive understanding of the FedNow Service and its role in the payment process, we have created a video that takes you through the entire journey. This video highlights the key information that financial institutions need to know about their involvement in this transformative system.
The first release of the FedNow Service will offer essential functionality to meet the diverse needs of the market. This includes supporting popular use cases such as account-to-account transfers and bill payments, which are in high demand.
For a more in-depth understanding of the FedNow Service, we invite you to explore the FedNow Explorer (Off-site). This resource provides detailed information about the service and its capabilities. Additionally, to stay updated on the latest features and developments of the FedNow Service, sign up for FedNow News and be at the forefront of this exciting advancement in instant payments.
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