Faster Payments Service

The Federal Reserve announced Aug. 5, 2019, that it would develop its own real-time settlement service, FedNow, to compete with the bank-built, private-sector RTP network. Fed Governor Lael Brainard said the Fed's service will conduct real-time, payment-by-payment, final settlement of interbank obligations through debits and credits to banks’ balances in accounts at the Federal Reserve banks. The Fed said it does not expect FedNow to be available until at least 2023 or 2024. 

Comments on the Fed's notice, published in the Federal Register on Aug. 9, are due by Thursday, Nov. 7.

The Fed has published FAQs about faster payments that cover these areas.
  • faster payments in general
  • Federal Reserve actions to support faster payments
  • FedNow Service
  • expanded service hours