Fed proposes allowing cross-border FedNow payments
Summary
The Federal Reserve has proposed opening its instant payment service FedNow to cross-border transactions. This initiative would enable participating banks to process international payments through the FedNow network, potentially competing with existing private cross-border payment corridors. ABA Banking Journal reports on this development affecting banks and payment service providers.
What changed
The Federal Reserve has proposed allowing its FedNow instant payment service to support cross-border transactions, expanding beyond domestic-only payments. This represents a potential shift in how U.S. banks can offer international payment services through the Fed's infrastructure.
Banks and fintech companies offering payment services should monitor this proposal as it could create new pathways for cross-border payments while potentially requiring updates to compliance and technical systems to support international transactions through FedNow.
What to do next
- Monitor Fed updates on cross-border FedNow proposal
- Review existing cross-border payment compliance requirements
- Assess infrastructure needs if proposal moves forward
Archived snapshot
Apr 9, 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.
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Fed proposes opening FedNow to cross-border payments
April 8, 2026 Reading Time: 1 min read The Federal Reserve today proposed a new rule to let banks and credit unions use intermediaries to send transfers through the FedNow payments service, which would allow for cross-border payments.
FedNow participants are currently not allowed to use intermediaries other than Reserve Banks. As a result, U.S. banks are unable to send payments to banks outside the country, according to the proposed rule.
The Fed is proposing to amend its regulations to allow the use of intermediaries that are not Reserve Banks, which would facilitate cross-border transactions. The proposed changes would align FedNow with the Fedwire Funds Service, which has permitted intermediaries for decades, according to the proposal.
The Fed is seeking public input on the proposed amendments. Comments are due within 60 days after publication in the Federal Register.
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