Press Release

May 19, 2022 Federal Reserve Board finalizes rule that governs funds transfers over the Federal Reserve Banks' FedNow Service For release at 2:00 p.m. EDT Share 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. For media inquiries, please email [email protected] or call 202-452-2955 Federal Register notice Related Content Board Votes

Federal Reserve (2022, May 18). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20220519_federal_reserve_board_finalizes_rule_that_governs

@misc{wtfs_press_release_20220519_federal_reserve_board_finalizes_rule_that_governs,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2022},
  month = {May},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20220519_federal_reserve_board_finalizes_rule_that_governs},
  note = {Retrieved via When the Fed Speaks corpus}
}