Proposals For Comment
Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service [R-1891]
Rulemaking Proposal
The Board is proposing amendments to subpart C of Regulation J (governing the FedNow® Service) to permit FedNow participants to use intermediaries, other than Reserve Banks, to send funds transfers through the FedNow Service. The Board believes this change could support private-sector cross-border payment solutions by allowing FedNow participants to leverage an intermediary (for example, a correspondent bank) for the international portion of a cross-border transaction and use the FedNow Service for the U.S. domestic portion.
Comments Due: 60 days after publication in the Federal Register