Fed's New Real-Time Payment System Targets Interoperability

By Philip Rosenstein (August 6, 2020, 12:54 PM EDT) -- The Federal Reserve on Thursday announced details of its real-time payments system, FedNow, which the U.S. government has targeted as a key step in improving the nation's financial infrastructure, noting a focus on interoperability.

FedNow, which will function as a real-time payments service with a $25,000 transaction limit, will be operated by the Federal Reserve with a focus on "establishing an accessible nationwide infrastructure, fostering stability in times of crisis, supporting resiliency through redundancy, and stimulating healthy competition for clearing and settling instant payments."

The Fed Board notice highlighted the importance of interoperability, stating that FedNow will be built using the ISO 20022 standard,...

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