The Federal Reserve Board has opened a public comment period on a proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service. The change would give banks greater flexibility for private‑sector use cases, such as enabling a bank to transact with a correspondent bank to support the international portion of a cross‑border payment. Currently, a FedNow transfer can involve only two U.S. banks. Comments on the proposal are due within 60 days after the Federal Register notice is published. The Board released a notice titled “Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service.” Media inquiries may be directed to media@frb.gov or 202‑452‑2955.
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