Expansion of Fedwire® Funds Service and National Settlement Service hours, up to 24x7x365
On August 5, 2019, The Federal Reserve Board of Governors announced plans to develop a new real-time payments system that will operate 24x7x365 and connect financial institutions across the U.S. The Fed cited consumer and business demand for faster payments and the growing reality that the U.S. is lagging behind other developed countries as the driving factors in their decision to take action. The new service will be branded FedNow℠ and is expected to be available in 2023 or 2024.
An outline of the key themes of the FedNow service will be presented for members’ consideration, including:
- Credit push model
- Timing of the clearing, settlement, and availability of funds
- Proposed transaction limits
- Irrevocability of funds
- Opening/closing times
- Interoperability with The Clearing House’s Real Time Payments Service
- Participation cost considerations
- Expanding Fedwire Funds and National Settlement Services
- Fraud concerns
We encourage each member organization to review the documents and provide your own response directly to the Federal Reserve. Members with questions are welcome to call WesPay's Payments Hotline at (415) 373-1200 or firstname.lastname@example.org and we encourage you to discuss the topic with you peers further on Connect.
WesPay Member Resources
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Federal Reserve's full notice on RFC