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The Federal Reserve’s FedNow program, intended to streamline the clearing and settlement process, will be tested by five Northern California regional banks and three credit unions (CUs). FedNow, which will be fully implemented by 2023, will let individuals and companies transfer funds between accounts, pay bills and send or receive money from friends or family. The services will be near-real time and be available any day or time of the year.
Like with other Federal Reserve services, the FedNow program will be available for depository institutions eligible to hold accounts at its 12 Reserve Banks and 24 branches around the country. The goal of the program is to expand equitable access to the instant payment system to over 10,000 depository institutions or their agents in the U.S., according to the report.
https://www.pymnts.com/news/faster-payments/2021/five-banks-test-fednow-real-time-payments-system
