Federal Reserve’s FedNow Instant Payments Set for Mid-2023 Debut

The Federal Reserve Banks have pushed the timing of the FedNow quick payment service launch to half the year 2023, precisely a production rollout of the service in the May to July timeslot.

Secure, fast and trusted way to send payments.

Who can use FedNow Service?

Individuals and businesses will be able to make fast payments through their depository institution accounts using the FedNow Service, which will be accessible to depository institutions across the nation. The service is designed to be a versatile, impartial system that accepts a wide range of quick payments.

Wherever you are and whatever you do, when it's time to make a payment, the FedNow service is at your fingertips. With one click, you can instantly make a payment for any purchase - whether for a cup of coffee or a house. Find out more about this fast and convenient payment method in this web story.


An incremental strategy to providing the FedNow Service

Extend features over time.



Meet changing industrial demands.




Instant invoice payment can be of enormous advantage to businesses that want to pay their vendors in real time. etc.

Receive payment in real time.

Will serve as a stage for financial organizations, systems, and FinTechs to create innovative services.


The Federal Reserve Banks are completing the FedNow Service to enable financial associations, regardless of size or geographic place, to provide nationwide access to quick payment services around the clock, everyday of the year. Enterprise and individuals will be capable to send and receive instant payments at any time of the day via financial organizations that participate in the FedNow Service.

About the FedNow Instant Payment Service