Today I am excited to announce the Federal Reserve will invest in a new service to help ensure that real-time payments are available to everyone.
The Federal Reserve will develop the FedNow ServiceSM, a real-time payment and settlement service for the future.2 Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community. FedNow will permit banks of every size in every community across the country to provide real-time payments to their customers.