FedNow Will Support Cross-Border Transactions, Federal Reserve Financial Services Says

The international portion of each transaction will continue to travel through established correspondent banking arrangements.

Sources:PYMNTS →·Digital Transactions →

Federal Reserve Financial Services said on September 23 that the FedNow Service will soon support cross-border transactions. A group of early adopters will first test new message formats built for the U.S. leg of these payments.

The Fed did not name the institutions that will take part in the test.

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