WASHINGTON—The Federal Reserve Board is seeking comment from financial institutions on what “immediate” should mean in connection with FedNow, the new real-time payments network set to launch in 2023.
During an earlier comment period, only a few domestic banks and payments organizations responded to Board’s request for comment, whose deadline recently passed, according to Forbes.
As a result, the Fed has extended its deadline until Sept. 9. The U.S. Faster Payments Council asked for another 60 days for comments.