{
  "id": 9651024,
  "title": "FedNow Opens Door to Cross-Border Instant Payments",
  "url": "https://urgent.news/2026/09/24/fednow-opens-door-to-cross-border-instant-payments",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T23:15:01.000Z",
  "source": {
    "name": "PYMNTS",
    "slug": "pymnts",
    "url": "https://www.pymnts.com/real-time-payments/2026/fednow-opens-door-to-cross-border-instant-payments/"
  },
  "original_language": "en",
  "account": "The Federal Reserve is expanding its instant payment system, FedNow, to include cross-border transactions. This is the first major step for the service beyond U.S. borders since its launch in July 2023. Currently, FedNow only handles domestic payments. The new feature will enable banks and credit unions to serve customers whose payments involve parties outside the U.S. During the process, FedNow will manage the U.S. portion of each payment, while overseas transfers will be handled by correspondent banks that facilitate international money transfers. The Federal Reserve designed the system to align with existing industry standards. A group of early adopters will test new message formats for the U.S. side of these cross-border payments, though the specific institutions are not disclosed. Ultimately, all FedNow participants will be able to adopt these formats. Potential applications include international payroll, corporate payments, insurance claims, and global treasury management. Nick Stanescu, chief FedNow executive, emphasized that the launch responds directly to customer requests. \"Cross-border transaction capabilities will give financial institutions powerful new ways to serve internationally active customers,\" Stanescu stated. \"After several years focused on growing the domestic instant payments market, this is an important first step toward meeting the global needs emerging across our ecosystem.\" The Federal Reserve has not set a date for a full-scale launch, but in April, the Fed's board proposed changes to Regulation J, which governs FedNow. The proposed changes would allow banks to use intermediaries other than Federal Reserve Banks for sending FedNow payments, but these changes are still under review. FedNow cross-border capabilities have been a consistent theme in PYMNTS coverage. In July, PYMNTS reported that FedNow was preparing for cross-border and request-for-payment pilots. Internationally, the European Central Bank is exploring a connection between Europe's instant payment system and Brazil's Pix. In Asia, five countries are coordinating their domestic instant payment systems through a common framework. Companies selling internationally are also bundling local payment methods to streamline market entry.",
  "summary": "The Federal Reserve is taking its instant payment system global. Federal Reserve Financial Services said Wednesday (Sept. 23) that the FedNow® Service will soon support cross-border transactions. The move is the first major step beyond U.S. borders for FedNow since it launched in July 2023. Until now, the service has handled only domestic payments. The […] The post FedNow Opens Door to…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}