Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service | site |

Information contained in Board of Governors of the Federal Reserve System press release dated: May 19, 2022

The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow℠ 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.

Attachment (PDF)