Service Details on Federal Reserve Actions To Support Interbank Settlement of Instant Payments

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The Board of Governors of the Federal Reserve System (Board) has approved the FedNow\SM\ Service as described in this announcement. The FedNow Service is a new interbank 24x7x365 real-time gross settlement service with clearing functionality to support instant payments in the United States. The new service will support banks' provision of end-to-end instant payment services and will provide infrastructure to promote ubiquitous, safe, and efficient instant payments in the United States.