FedNow Intermediary Access Proposal
Summary
The Federal Reserve Board issued a proposal on April 8, 2026, allowing U.S. banks and credit unions to use intermediaries for FedNow Service fund transfers. Currently, FedNow transfers are limited to two U.S. banks per transaction. The proposal would expand functionality to enable correspondent banking relationships and cross-border payment facilitation. The Federal Reserve is seeking public comments for 60 days following Federal Register publication.
What changed
The Federal Reserve Board published a consultation proposing to amend FedNow Service rules to permit U.S. banks and credit unions to use third-party intermediaries for fund transfers. Currently, FedNow transactions can only involve two U.S. banks directly. The proposed change would allow transfers to route through intermediaries, enabling correspondent banks to facilitate international portions of cross-border payments.\n\nAffected financial institutions—primarily commercial banks and credit unions participating in the FedNow Service—should evaluate how expanded intermediary access could support new payment use cases, particularly for cross-border transactions. Institutions should prepare comment submissions addressing technical requirements, risk considerations, and implementation timelines during the 60-day comment period.
What to do next
- Submit comments within 60 days of Federal Register publication
- Assess FedNow intermediary capabilities for cross-border payment use cases
- Review correspondent banking integration requirements
Archived snapshot
Apr 8, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Press Release
April 08, 2026
Federal Reserve Board invites public comment on proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service
For release at 11:30 a.m. EDT
This additional flexibility would support new private sector use cases for the FedNow Service. For example, it would allow U.S. banks to use FedNow to transact with correspondent banks to facilitate the international portion of a cross-border payment. Currently, a transfer of funds sent through the FedNow Service can include only two U.S. banks.
Comments are due within 60 days after publication in the Federal Register.
For media inquiries, please email [email protected] or call 202-452-2955.
- Federal Register notice: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service (PDF)
- Board Memo (PDF)
Related Content
- Board Votes Last Update: April 08, 2026
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