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June 01, 2021

Federal Reserve Board invites public comment on proposed rule to govern funds transfers over the Federal Reserve Banks’ FedNow Service

For release at 4:30 p.m. EDT

The Federal Reserve Board on Tuesday invited comment on a proposed rule to govern funds transfers over the Federal Reserve Banks’ FedNow℠ Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023.

The proposed rule would establish a new and comprehensive set of rules governing funds transfers over the FedNow Service and set out the legal rights and obligations of the Reserve Banks and FedNow Service participants. Many of the concepts in the proposed rule are similar to existing provisions that govern the Fedwire Funds Service, which is the payments service currently operated by the Federal Reserve System.

Comments are due within 60 days of the proposal’s publication in the Federal Register.

For media inquiries, call 202-452-2955

Last Update:
June 01, 2021

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Author: Editor
Editor represents multiple online news sites, including STL.News, RSSNews.Press and more. We believe that our "direct source news" concept helps provide accurate information to the public without bias. We want to help improve technology so the news is presented as it was intended to be.