Federal Reserve

FedNow Service

The FedNow Service is the Federal Reserve's real-time gross settlement (RTGS) system that enables instant payment clearing and settlement 24 hours a day, 365 days a year. It allows eligible depository institutions of all sizes to send and receive instant payments, with funds available in seconds. The service supports account-to-account transfers, person-to-person payments, bill pay, and business-to-business transactions. With over 1,700 participating financial institutions, FedNow provides a cloud-native infrastructure that gives banks and credit unions the ability to offer innovative instant payment services to their customers without requiring them to change their core processing systems.