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In addition, Kirstin emphasized that the Fed would like to understand how our members feel about other proposed characteristics of FedNow, including: irrevocability additional descriptors that can be included in the ISO 20022 message format the $25,000 transaction limit real-time confirmation of the validity of the receiver's account intraday credit (..)
According to the Federal Reserve’s FAQs page, the system is secure and can carry out transactions within seconds on a 24/7 basis, any day of the year. However, the significance of the FedNow payment system is that this modernized, real-time system can now operate alongside these once-slower transactions. What Is FedNow Replacing?
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