Federal Reserve Board Extends Comment Period On Proposed Rule To Govern Funds Transfers Over The Federal Reserve Banks' FedNow Service

The Federal Reserve Board announced on Tuesday that it will extend until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks' FedNow℠ Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023.

The Board extended the comment period to allow interested persons more time to analyze the proposal and prepare their comments. Originally, comments were due by August 10, 2021.

The Board's Federal Register notice is attached.

Federal Register notice: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire (PDF)