|
 |
|
|
|
|
|
| Proposal would allow use of Intermediaries for FedNow Transfers |
|
The Federal Reserve would permit credit unions to use intermediaries to transfer funds through the FedNow Service under a proposal issued Wednesday. FedNow is the Federal Reserve’s 24x7x365 instant payments service.
It would allow a credit union to use FedNow to transact with a correspondent institution to facilitate the international portion of a cross-border payment. Currently, a transfer of funds sent through FedNow can include only two U.S.-based institutions.
America’s Credit Unions is analyzing the proposal and will submit detailed feedback. Comments are due within 60 days of publication in the Federal Register.
Copyright © 2024-2026 America's Credit Unions. (link) |
|
|
|
|
|
|
