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The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank's clearest timeline yet for a new system enabling settlement of U.S ...
The system, known as FedNow, operates 24 hours a day, seven days a week. That means you can get funds deposited in your checking account at any hour of the day or night, even on weekends.
FedNow was scheduled to begin formal certification of participants of the program in April 2023, with a formal launch planned in July 2023. [8] [9] [10] It operates on a 24-hour, 365-days-a-year basis, [11] as opposed to the older FedACH system that is closed on weekends and holidays.
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Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.
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