FedNow Opens Door to Cross-Border Instant Payments
What's happening
The Federal Reserve is moving FedNow beyond U.S. borders, announcing plans and tests to support cross-border, instant transfers. Since launching in July 2023, FedNow has grown to include more than 1,600 participating financial institutions, and Federal Reserve Financial Services said the FedNow Service will soon support cross-border transactions. A group of organizations is poised to test the network's international capabilities as the system takes its first major step beyond domestic payments.
Why it's trending
FedNow's operators and participants are ready to run tests that would let the already-expanded network handle international real-time flows.
SignalNewly emerging, confirmed across 1 independent source type.
Momentum
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If banks think FedNow will instantly replace correspondent rails for cross-border payments, they're betting on a test, not a finished product, and that matters for liquidity and compliance today.
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Original sources4
- FedNow to enable cross-border payments
The US Federal Reserve is pushing ahead with plans to enable participants in its FedNow real-time payments system to make cross-border transfers.
FinextraSep 25 - FedNow Opens Door to Cross-Border Instant Payments
The Federal Reserve is taking its instant payment system global. Federal Reserve Financial Services said Wednesday (Sept. 23) that the FedNow® Service will soon support cross-border transactions. The move is the first major step beyond U.S. borders for FedNow since it launched in July 2023. Until now, the service has handled only domestic payments. The […] The post FedNow Opens Door to Cross
PYMNTSSep 24 - FedNow Takes Steps Toward Cross-Border Payments
Since its launch, FedNow has significantly expanded its reach. Now, the Federal Reserve’s network is moving toward another milestone: supporting cross-border payments. Until this point, the more than 1,600 financial institutions participating in FedNow have relied on Reserve Banks as intermediaries, limiting the network to domestic payments. A group of organizations are poised to test […] Th
PaymentsJournalSep 24 - FedNow To Test International Real-Time PaymentsDigital TransactionsSep 24
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