Federal Reserve Eyes FedNow Change To Let CUs Use Intermediaries
By CU Today Staff —
WASHINGTON--The Federal Reserve would permit credit unions to use intermediaries to transfer funds through the FedNow Service under a proposal issued Wednesday, America's Credit Unions reported.
It would allow a credit union to use FedNow to transact with a correspondent institution to facilitate the international portion of a cross-border payment. Currently, a transfer of funds sent through FedNow can include only two U.S.-based institutions, ACU explained.
America’s Credit Unions said it is analyzing the proposal and will submit detailed feedback. Comments are due within 60 days of publication in the Federal Register.
Originally reported by CU Today.