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FedNow(SM) Service

The FedNow Service will be released in phases and additional features and service enhancements will be introduced over time. Other aspects of the service, such as fee structures and governing terms, will be announced prior to the launch of the service.

The target release date for the service is 2023. As development of the FedNow Service progresses, additional details will be available through established Reserve Bank channels, including more specific timing, and implementation information for depository institutions.
https://www.frbservices.org/financial-services/fednow

Federal Reserve Board Governor Lael Brainard marked a milestone on August 6, 2020, when she announced the FedNow Service’s features and functionality. Brainard was accompanied by Kansas City Fed President Esther George and FedNow Program Executive Ken Montgomery for the livestreamed announcement, reflecting the Federal Reserve’s efforts toward establishing an infrastructure that will support instant payments in the United States.

'While the Federal Reserve has made no decisions on whether to pursue or implement a central bank digital currency, or CBDC, we have been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation. Our key focus is on whether and how a CBDC could improve on an already safe and efficient U.S. domestic payments system.

CBDC is generally defined as a digital liability of a central bank that is widely available to the general public. Today in the United States, Federal Reserve notes (i.e., physical currency) are the only type of central bank money available to the general public. Like existing forms of money, a CBDC would enable the general public to make digital payments. As a liability of the Federal Reserve, however, a CBDC would be the safest digital asset available to the general public, with no associated credit or liquidity risk.'

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