Congratulations to the U.S. Federal Reserve Bank on its launch of FedNow, the real-time fund transfer system. FedNow has launched with the participation of several banks of all sizes including (as large bank examples:) JP Morgan Chase, BNY Mellon, and Wells Fargo.
To connect to FedNow participating banks and other financial intermediaries use freely available IBM MQ clients. (IBM MQ also supports API access, and that's a future enhancement planned for FedNow.) Several popular payment-related applications already support FedNow. The message format is a bespoke ISO20022 XML format. FedNow has a design goal of continuous service. FedNow is for "small" transactions. The systemwide per transaction limit is currently $500,000, although participants can choose a lower limit if they wish. ————— Timothy Sipples Senior Architect Digital Assets, Industry Solutions, and Cybersecurity IBM zSystems/LinuxONE, Asia-Pacific [email protected] ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: INFO IBM-MAIN
