Press Release

June 01, 2021 Federal Reserve Board invites public comment on proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow Service For release at 4:30 p.m. EDT Share The Federal Reserve Board on Tuesday invited comment on a proposed rule to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023. The proposed rule would establish a new and comprehensive set of rules governing funds transfers over the FedNow Service and set out the legal rights and obligations of the Reserve Banks and FedNow Service participants. Many of the concepts in the proposed rule are similar to existing provisions that govern the Fedwire Funds Service, which is the payments service currently operated by the Federal Reserve System. Comments are due within 60 days of the proposal's publication in the Federal Register. For media inquiries, call 202-452-2955 Federal Register notice: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire Board Memo (PDF) Related Content Board Votes

Federal Reserve (2021, May 31). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20210601_federal_reserve_board_invites_public_comment_on

@misc{wtfs_press_release_20210601_federal_reserve_board_invites_public_comment_on,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2021},
  month = {May},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20210601_federal_reserve_board_invites_public_comment_on},
  note = {Retrieved via When the Fed Speaks corpus}
}