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Credit Union Trade Groups Endorse FedNow Payment System

Once implemented, the Fed has said the service would allow customers to send and receive payments at financial institutions instantly.

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Federal Reserve Building in Washington, D.C. Federal Reserve Building in Washington, D.C. (Source: Shutterstock)

The Federal Reserve’s FedNow service is desperately needed and should be implemented as soon as possible, credit union trade groups said.

“The development of FedNow is imperative to the continued success of credit unions, and likely the only way that all credit unions will be able offer Americans of modest means critical financial services in the future,” Lance Noggle, CUNA’s senior director of advocacy and senior counsel for payments and cybersecurity told the Fed, in commenting on the proposal.

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