Federal Reserve goes live with instant payments system, FedNow Service

Rick Steves

FedNow allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers — 24 hours a day, seven days a week.

The Federal Reserve has gone live with its new system for instant payments, the FedNow Service.

Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.

Federal Reserve Chair Jerome H. Powell said: “The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient. Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”

The Fed has already onboarded 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service. These 37 entities are ready with instant payments capabilities via the FedNow Service and 16 service providers are ready to support payment processing for banks and credit unions.

Send instant payments via mobile app, website, and other interfaces

The Fed argues that instant payments will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts.

For example, individuals can instantly receive their paychecks and use them the same day, and small businesses can more efficiently manage cash flows without processing delays.

Over the coming years, customers of banks and credit unions that sign up for the service should be able to use their financial institution’s mobile app, website, and other interfaces to send instant payments quickly and securely.

The FedNow Service is an interbank payment system that operates alongside other longstanding Federal Reserve payment services such as Fedwire and FedACH.

The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the United States to support the widespread availability of this service for their customers over time, the central bank stated.

FedNow allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers — 24 hours a day, seven days a week.

Below, a list of financial institutions that are currently live on the service, as well as financial institutions serving as settlement and liquidity providers. Also listed are certified service providers that have completed testing certification to support payment processing for participants.


Participating Financial Institutions

Participating Financial Institutions
Organization NameCityState
1st Source BankSouth BendIndiana
AdyenSan FranciscoCalifornia
Avidia BankHudsonMassachusetts
BNY MellonNew YorkNew York
Bridge Community BankMechanicsvilleIowa
Bryant BankBirminghamAlabama
Community Bank of the BayOaklandCalifornia
Consumers Cooperative Credit UnionGurneeIllinois
Corporate America Credit UnionIrondaleAlabama
Eastern Corporate Federal Credit UnionBurlingtonMassachusetts
First Internet Bank of IndianaIndianapolisIndiana
Global Innovations BankKiesterMinnesota
HawaiiUSA Federal Credit UnionHonoluluHawaii
JPMorgan ChaseNew YorkNew York
Mediapolis Savings BankMediapolisIowa
North American Banking CompanyRosevilleMinnesota
Peoples BankCliftonTennessee
Pima Federal Credit UnionTucsonArizona
Salem Five BankSalemMassachusetts
Star One Credit UnionSunnyvaleCalifornia
United Bankers’ BankBloomingtonMinnesota
U.S. BankCincinnatiOhio
U.S. Department of the Treasury’s Bureau of the Fiscal ServiceWashington, D.C.
Veridian Credit UnionWaterlooIowa
Wells Fargo Bank, N.A.San FranciscoCalifornia

Settlement Agents and Liquidity Providers

Settlement Agents and Liquidity Providers
Organization NameCityState
Alloya Corporate Federal Credit UnionNapervilleIllinois
Atlantic Community Bankers BankCamp HillPennsylvania
BNY MellonNew YorkNew York
Bankers’ Bank of the WestDenverColorado
Catalyst Corporate Federal Credit UnionPlanoTexas
Community Bankers’ BankMidlothianVirginia
Millennium Corporate Credit UnionWichitaKansas
PCBBWalnut CreekCalifornia
Quad City Bank & TrustBettendorfIowa
The Bankers BankOklahoma CityOklahoma
Vizo Financial Corporate Credit UnionGreensboroNorth Carolina

Certified Service Providers

Certified Service Providers
Participation Types
Organization NameReceive OnlySend and ReceiveReceive RFP*Liquidity Management Transfer
ACI Worldwide Corp.Is SupportedIs SupportedIs SupportedIs Supported
AlacritiIs SupportedIs SupportedIs SupportedIs Supported
Aptys SolutionsIs Supported
BNY MellonIs SupportedIs SupportedIs Supported
CSIIs Supported
ECS Fin Inc.Is SupportedIs SupportedIs SupportedIs Supported
FinastraIs SupportedIs Supported
FinzlyIs SupportedIs Supported
FISIs Supported
Fiserv Solutions, LLC (Fiserv NOW, Fiserv Payments Exchange)Is SupportedIs Supported
FPS GoldIs SupportedIs SupportedIs Supported
Jack HenryIs SupportedIs SupportedIs SupportedIs Supported
Juniper Payments, a PSCU CompanyIs SupportedIs SupportedIs Supported
Open Payment NetworkIs SupportedIs SupportedIs SupportedIs Supported
Pidgin, Inc.Is SupportedIs SupportedIs SupportedIs Supported
TemenosIs Supported
Vertifi Software, LLCIs SupportedIs SupportedIs Supported

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