PYMNTS

AUGUST 15, 2019

The Federal Reserve has announced a leader of the new FedNow service, which was created to facilitate faster payments in the country with interbank real-time gross settlement (RTGS), as well as integrated clearing, according to a release. First Vice President Kenneth C.

FedNow 63

FedNow Real Time Gross Settlement (RTGS) Faster Payments Federal Reserve 63

ACI Worldwide Blog

MAY 13, 2024

In the domestic Real-Time Gross Settlement (RTGS)/Wire and cross-border payment spaces, transformation to the most recent ISO 20022 (HVPS+ and CBPR+) messaging standards has been ongoing since 2022. Federal Reserve will update its Fedwire system in March 2025.

ISO 20022 52

ISO 20022 Real Time Gross Settlement (RTGS) ISOs Message Standards 52

PYMNTS

DECEMBER 16, 2019

Google sent a letter to the Federal Reserve , asking the U.S. central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec.

FedNow 57

FedNow Real Time Gross Settlement (RTGS) Federal Reserve Payment APIs and Integration 57

PYMNTS

NOVEMBER 6, 2018

Demand is also heating up for real-time gross settlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S., By September of this year, 40 such rails were live, with 16 more expected to launch by early 2020.

Faster Payments 53

Faster Payments Real Time Gross Settlement (RTGS) Same Day ACH Cross-Border Payments 53

PYMNTS

JANUARY 21, 2019

This access, the letter says, will eliminate the bottlenecks of working through intermediaries while extending the reach of real-time payments to those who need it. Currently, access to the Fed’s Real-Time Gross Settlement (RTGS) system is limited to financial institutions that hold deposits.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

Clearly Payments

MAY 21, 2025

One of the most significant recent developments in this space is the introduction of FedNow , a real-time payment system launched by the Federal Reserve in 2023. FedNow is a real-time gross settlement (RTGS) service designed by the Federal Reserve to enable instant money transfers between participating banks.

FedNow 71

FedNow Real Time Gross Settlement (RTGS) RTP Federal Reserve 71

The Payments Association

APRIL 14, 2025

This work has particular relevance for non-bank payment service providers (NBPSPs) and foreign banks, as highlighted at Pay360 by Victoria Cleland, Executive Director for Banking, Payments and Innovation.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88