With my understanding it's both. While it's a service that banks will hook into, consumers will have direct access to it through federally backed banks (ie all

With my understanding it's both. While it's a service that banks will hook into, consumers will have direct access to it through federally backed banks (ie all of them). Here's another link: https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h...