FedNow announced that participants recently started receiving instant disaster-relief disbursements for their account holders.
Background: The Treasury’s Bureau of the Fiscal Service, which disburses and collects money on behalf of U.S. government and federal agencies, added the FedNow Service to its money movement toolkit in July 2023.
ICBA Support: ICBA has long supported the growth of instant payments options like the FedNow Service to allow for efficient payments and immediate funds settlement while mitigating risks to the financial system.