The Federal Reserve Board proposed on April 8, 2026, amending Regulation J Subpart C to allow FedNow participants to use intermediary banks for cross-border payments. Fedwire has permitted intermediary banks for decades. The proposed amendment extends the same legal framework to FedNow, enabling a U.S. receiving bank to credit a beneficiary account instantly when a cross-border payment arrives through a correspondent chain. Comments are due June 9, 2026.
The Clearing House is building cross-border capability on different foundations for RTP. Domestic correspondent bank activity is scheduled to launch in September 2026. The framework requires payment messages to identify the actual payer and payee by legal name. Participants cannot alter details to disguise cross-border payments as domestic transactions.
FedNow processed $853.4 billion across 8.4 million transactions in 2025. RTP processed $480 billion in Q1 2026 alone, averaging $5.7 billion per day. FedNow value grew 2,134% over 2024, narrowing the gap despite RTP's seven-year head start.