FedNow is Live: The Federal Reserve Launches Instant Payments System in July

After a long wait, FedNow, the instant payments service from the Federal Reserve Board, launched on July 20. The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow Service, is now live, ushering in a new era for U.S. financial transactions.

The U.S. central bank will launch its FedNow instant payment service in July, the Federal Reserve said on Wednesday, with certification and testing for early adopters preceding the full launch. This landmark initiative, first announced back in 2025, promises to revolutionize how money moves between individuals and businesses.

What is FedNow?

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size. This means quicker access to funds and enhanced payment efficiency for everyone.

Real-Time Payments, 24/7

The Federal Reserve on Thursday launched a real-time payment system that eventually will allow consumers and businesses to send and receive money within seconds, 24 hours a day, 7 days a week. This availability represents a significant upgrade from existing payment systems.

Who Can Use FedNow?

Banks and credit unions of all sizes can sign up for the FedNow Service. Contact your financial institution to learn more about how you can leverage FedNow for faster and more efficient payments.