The Federal Reserve Board has invited public comment on a proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service. The Board said the added flexibility would support new private-sector use cases, including enabling a U.S. bank to use FedNow to transact with correspondent banks to facilitate the international portion of a cross-border payment. Under current arrangements, a FedNow funds transfer can include only two U.S. banks. Comments are due within 60 days after publication in the Federal Register.
Federal Reserve Board 2026-04-08
Federal Reserve Board launches consultation on allowing intermediaries for FedNow transfers by U.S. banks and credit unions
The Federal Reserve Board has invited public comment on a proposal to allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service. The Board said the added flexibility would support new private-sector use cases, including enabling a U.S. bank to use FedNow to transact with correspondent banks for the international portion of cross-border payments, beyond the current limitation of transfers between only two U.S. banks.