FedNow Amendments to Regulation J Final Rule Summary
The Federal Reserve Board published final amendments to Regulation J to govern funds transfers through the new FedNow Service. Regulation J provides the legal framework for the collection and return of checks through the Federal Reserve System (subpart A) and specifies terms and conditions governing funds transfers over the Fedwire Funds Service (subpart B). The Reserve Banks new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality, called the FedNow Service, supports instant payments in the United States.
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