Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J

April 13, 2026 / Source: Board of Governors of the Federal Reserve System (Board)

The Board is proposing amendments to subpart C of Regulation J (governing the FedNow® Service) to permit FedNow participants to use intermediaries, other than Reserve Banks, to send funds transfers through the FedNow Service. The Board believes this change could support private-sector cross-border payment solutions by allowing FedNow participants to leverage an intermediary (for example, a correspondent bank) for the international portion of a cross-border transaction and use the FedNow Service for the U.S. domestic portion.

Comments must be submitted by June 9, 2026.