WASHINGTON--The Federal Reserve would permit credit unions to use intermediaries to transfer funds through the FedNow Service under a proposal issued Wednesday, America's Credit Unions reported.
It would allow a credit union to use FedNow to transact with a correspondent institution to facilitate the international portion of a cross-border payment. Currently, a transfer of funds sent through FedNow can include only two U.S.-based institutions, ACU explained.
America’s Credit Unions said it is analyzing the proposal and will submit detailed feedback. Comments are due within 60 days of publication in the Federal Register.