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A FedNow Service Update for Community Banks

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Since going live on July 20, 2023, the Federal Reserve’s FedNow® Service has enabled participating financial institutions to transfer funds between sender and receiver accounts instantly, any time of the day, any day of the year. More than 500 financial institutions are currently participating, and the Fed says the number is growing every day.

Bernadette Ksepka, head of product management for the FedNow Service, recently provided The RMA Journal insight on how the pr…

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