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> As with current Federal Reserve Bank services, the FedNow Service will be available to depository institutions eligible to hold accounts at the Reserve Banks
by Brystephor 4y ago
> As with current Federal Reserve Bank services, the FedNow Service will be available to depository institutions eligible to hold accounts at the Reserve Banks under applicable federal statutes and Federal Reserve rules, policies, and procedures.
I wish this would be more available to directly connect with versus having to go through an existing bank. It also leads me to believe that adoption won't be widespread for a few years after release.
With Real time payments (RTP, the clearing house instant payment rail) it still has banks onboarding to the network each month. RTP was launched in late 2017