Money moves through the U.S. payments system every second of the day. One key part of that system is the FedNow® Service, the Federal Reserve’s instant payment rail. Launched in 2023, it enables financial institutions to move funds instantly – 24/7, 365 days a year. While FedNow is focused on domestic payments, the Fed is also exploring how it could eventually help make cross-border payments faster and simpler. 

 

In this Six Hundred Atlantic episode, Executive Vice President and Chief FedNow Executive Nick Stanescu discusses why FedNow was created, how it works, and what it could mean for businesses, consumers, and the future of financial access.