Federal Reserve Actions To Support Interbank Settlement of Instant Payments; Service Details

August 9, 2019 Regulation lookup, The Fed 0

Title:	Service Details on Federal Reserve Actions To Support Interbank Settlement of Instant Payments
Subject:	Instant payments
Agency:	Federal Reserve
Status:	Service announcement
Summary:	The Board of Governors of the Federal Reserve System (Board) has approved the FedNow^SM Service as described in this announcement. The FedNow Service is a new interbank 24x7x365 real-time gross settlement service with clearing functionality to support instant payments in the United States. The new service will support banks’ provision of end-to-end instant payment services and will provide infrastructure to promote ubiquitous, safe, and efficient instant payments in the United States.
FR Doc:	2019-17027 (notice, request for comment) 2020-17539 (service announcement)
Date proposed:	Aug. 9, 2019
Comments due date:	Nov. 7, 2019
Final rule effective date:	Sept. 10, 2020 (notice date)
Rule compliance date:
Agency release:
Related Reg Report item(s):	Fed faster-payments proposal in Federal Register Friday, out for 90-day comment period Brainard: Everyone deserves immediate, secure payments – banks deserve opportunity to offer that service Fed sets eyes on round-the-clock payment service, available by 2023-24

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