Press Release
April 08, 2026
Federal Reserve Board invites public comment on proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service
For release at 11:30 a.m. EDT
Share
The Federal Reserve Board on Wednesday invited public comment on a proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service.
This additional flexibility would support new private sector use cases for the FedNow Service. For example, it would allow U.S. banks to use FedNow to transact with correspondent banks to facilitate the international portion of a cross-border payment. Currently, a transfer of funds sent through the FedNow Service can include only two U.S. banks.
Comments are due within 60 days after publication in the Federal Register .
For media inquiries, please email [email protected] or call 202-452-2955.
Comments: Submit | View
Federal Register notice: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service: HTML | PDF
Board Memo (PDF)
Related Content
Board Votes
Cite this document
Federal Reserve (2026, April 7). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20260408_federal_reserve_board_invites_public_comment_on
@misc{wtfs_press_release_20260408_federal_reserve_board_invites_public_comment_on,
author = {Federal Reserve},
title = {Press Release},
year = {2026},
month = {Apr},
howpublished = {Press Releases, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/press_release_20260408_federal_reserve_board_invites_public_comment_on},
note = {Retrieved via When the Fed Speaks corpus}
}