Federal Reserve & Other Resources
- FedNow℠ Explorer – Instant Payments Learning & Resources »
- Everything You Need To Know About FedNow (forbes.com) »
- Engage With Us (fednow.org)»
- FedNow Product Sheet (pdf) »
- Organizations Certified as Ready for the FedNow® Service »
- Should card issuers fear FedNow's impact on revenue? (American Banker) »
- Article: Top 10 Misconceptions about the FedNow Service (alacriti.com) »
- 4 key decisions to make before FedNow® Service onboarding »
- FedNow® Service Readiness Guide »
- NAFCU: More details needed to encourage CU adoption of FedNow Service
Throughout the FedNow development process, NAFCU worked to highlight the need for FedNow to be accessible to smaller institutions and promote clear communication from the Federal Reserve about pricing and other information important to credit unions.
- NAFCU urges Fed to expedite FedNow Service
NAFCU consistently urged the Federal Reserve to accelerate the launch of FedNow in light of the credit union industry’s strong support for increasing access to faster payments.
- NAFCU offers recommendations to Fed on ISO 20022 implementation
NAFCU encouraged the Federal Reserve to adopt a flexible timeline for testing and implementation of the ISO 20022 payment message format to avoid the increased costs that credit unions would face as the result of a rushed testing period.
- NAFCU offers recommendations in response to Fed’s FedNow proposal
NAFCU expressed support for the Federal Reserve’s proposed amendments to Regulation J to facilitate the implementation of FedNow and made recommendations on how the Federal Reserve could better address issues including fraud and funds availability to reduce burdens on credit unions.
- FedNow to launch in July 2023
The Federal Reserve announced in March that the FedNow launch would be in July 2023.
- Fed finalizes rule to govern fund transfers over its FedNow Service
The Federal Reserve issued a final rule governing fund transfers through FedNow in May 2022. In the final rule, the Federal Reserve did not specify a definition of “immediately” for funds availability and expressed support for examining how Regulation E applies to instant transfers, both points in accordance with recommendations made in NAFCU’s comment letter on the proposed rule.
- Fed ISO 20022 final implementation details include NAFCU-sought recommendations
The Federal Reserve set the final implementation timeline for adoption of the ISO 20022 payment message format in June 2022. ISO 20022 will be adopted in a single-day transition on March 10, 2025. The final implementation details incorporate several recommendations from NAFCU’s comment letter, including a longer testing period that will reduce costs for credit unions.
- Fed launches FedNow service provider tool to aid CUs connect with service providers
The Federal Reserve launched its FedNow service provider showcase in March 2022. The showcase is a tool that helps financial institutions find vendors that can help them prepare for the implementation of real-time payments using the FedNow Service.
- Credit unions participating in FedNow pilot program
The Federal Reserve announced the list of participants in its FedNow pilot program in January 2021. Participating financial institutions, including NAFCU-member credit unions, helped with development and testing of the FedNow system.
- Fed adopts ISO 20022 message format for FedWire Fund Service, seeks public comment on adoption
The Federal Reserve announced in October 2021 that it will use the ISO 20022 payment message format for the FedNow Service and other Federal Reserve payments. ISO 20022 will improve interoperability with other payment systems and provide increased security against money laundering.