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FedNow Goes Global: How Proposed Reg J Changes Could Enable Cross-Border Instant Payments
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Episode Description
The Federal Reserve just proposed changes to Regulation J that would allow FedNow participants to designate intermediary banks — opening the door for cross-border payments over FedNow for the first time.
Joe Casali breaks down what the rule actually changes, how the domestic and international legs of a cross-border FedNow payment would work, and why this might be the moment ISO 20022 finally proves its value. He covers the competitive implications for Fedwire, the BSA/AML screening challenges of real-time international transactions within a 20-second timeout window, and what community banks and credit unions on FedNow should be thinking about right now.
The 60-day comment period begins April 10, 2026. If your institution has a perspective on this proposed rulemaking, now is the time to make your voice heard.
References: Federal Reserve Proposed Rulemaking — Docket No. R-1891, RIN 7100-AH23 | Regulation J, Subpart C — 12 CFR Part 210 | Submit comments at federalreserve.gov/apps/proposals | FedNow Operating Procedures v3.5 (February 2026)
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Send us a text. (email us if you need a response)
Episode Description
The Federal Reserve just proposed changes to Regulation J that would allow FedNow participants to designate intermediary banks — opening the door for cross-border payments over FedNow for the first time.
Joe Casali breaks down what the rule actually changes, how the domestic and international legs of a cross-border FedNow payment would work, and why this might be the moment ISO 20022 finally proves its value. He covers the competitive implications for Fedwire, the BSA/AML screening challenges of real-time international transactions within a 20-second timeout window, and what community banks and credit unions on FedNow should be thinking about right now.
The 60-day comment period begins April 10, 2026. If your institution has a perspective on this proposed rulemaking, now is the time to make your voice heard.
References: Federal Reserve Proposed Rulemaking — Docket No. R-1891, RIN 7100-AH23 | Regulation J, Subpart C — 12 CFR Part 210 | Submit comments at federalreserve.gov/apps/proposals | FedNow Operating Procedures v3.5 (February 2026)