The Federal Reserve moved up its planned industrywide launch of the FedNow instant payments service by up to a full year to 2023. The announcement narrows the industrywide delivery timeframe from 2023-2024.
FedNow industrywide launch moved up to 2023
February 03, 2021 / By ICBA
The Federal Reserve moved up its planned industrywide launch of the FedNow instant payments service by up to a full year to 2023. The announcement narrows the industrywide delivery timeframe from 2023-2024.
The Federal Reserve moved up its planned industrywide launch of the FedNow instant payments service by up to a full year to 2023. The announcement narrows the industrywide delivery timeframe from 2023-2024.
As advocated by ICBA, the Fed is taking a phased approach to implementing FedNow to expedite its launch. FedNow will initially feature core clearing and settlement functionality, and the Fed plans to enhance the system via subsequent releases.
The Fed last week announced the more than 110 organizations that will participate in the FedNow Pilot Program, including numerous community banks.
Additionally, the FedNow Community is planning a town hall webinar at 11:30 a.m. (Eastern time) Thursday, Feb. 11, on the latest developments and 2021 plans.Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
