Asked and answered: FedNowSM Service payment flow

April 6, 2021

The Federal Reserve has received a lot of interest as well as questions from customers and stakeholders about various aspects of the FedNow Service since we announced its features and functionality. A number of these questions are specifically related to the payment flow of the service.

To address these questions, we’ve developed resources to help you better understand how a payment is cleared and settled through the FedNow Service and what role financial institutions play in the process. See our “How the FedNow Service will work” video and payment flow diagram for an overview.

For more specific details on the payment flow, see the answers to commonly asked questions below.

To keep you up to date with the latest FedNow Service updates, we will publish a regular “Asked and Answered” blog post that will answer customers’ most sought-after questions regarding the service. If you have any topics that you’d like to see covered in this series, please answer the “Was this content helpful?” question below and then tell us what you’d like to hear more about.

Learn more about the FedNow Service and sign up to receive FedNow News, our regular emails with news and resources about the service.

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