Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks' FedNow Service
May 19, 2022
Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks' FedNow Service
For release at 2:00 p.m. EDT
The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNowâ„ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments.
The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023.
The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service.
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