Federal Reserve Seeks Input on Using Intermediaries for FedNow Transfers
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- •The proposal concerns the FedNow Service, the Federal Reserve's instant payment platform.
- •It would allow banks and credit unions to use third-party intermediaries for fund transfers.
- •The Federal Reserve Board opened a public comment period starting April 8, 2026.
- •The change aims to expand participation and flexibility in the FedNow payment network.
What Could Happen If...
- ▸If the Federal Reserve Board adopts the proposal after public feedback banks and credit unions could increase their use of intermediaries, potentially speeding up payment processing and expanding access to instant payments for customers.
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