The Federal Reserve Board ("FRB") will upgrade the U.S. payment system to provide payment-by-payment interbank settlements in real time (i.e., real-time gross settlements or "RTGS"). The FRB Notice was published in the Federal Register.
As previously covered, the FRB estimates the arrival of the new real-time payment and settlement service, FedNow Service, to be in 2023 or 2024. The FRB is requesting comments on how payment system stakeholders and the operations of the U.S. payment system may be best supported with regard to the design of FedNow Service. Comments must be submitted by November 7, 2019.
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