FedNow Prepares Cross-Border Support for U.S. Banks
Key Highlights Federal Reserve Financial Services launched early-adopter testing on September 23 for enhanced ISO 20022 messages that enable FedNow to settle the U.S. leg of cross-border payments while correspondent banks handle the international portion. The model does not create a direct global FedNow network; it relies on existing correspondent-banking infrastructure and remains contingent on ...
