With our 12 regional Reserve Banks, we have the capacity to meet the needs of banks serving different communities and with different needs and operating models. For that reason, commenters stated that the Federal Reserve is uniquely positioned to offer nationwide access to a new payment and settlement service for faster payments.
FedNow will allow faster payments to reach banks of all sizes and their customers across the country, which is especially important for rural communities, who often struggle with access to financial services. Guided by our public mission, the Federal Reserve serves the needs of all banks, no matter how small or challenging to reach, and with competitive fairness.