FedNow becomes available for instant federal agency disbursements

The Treasury’s Bureau of the Fiscal Service has added the FedNow Service for instant disbursements for federal agencies, including the Federal Emergency Management Agency, as part of its Digital Payout program.  

America’s Credit Unions encouraged Treasury to consider secure electronic funds transfer options for federal disbursements in a June letter.  

The inclusion of FedNow into Treasury’s Digital Payout program will equip Federal agencies will be equipped with a modern way to provide instant payments to individuals with FedNow’s inclusion in the Digital Payout program. More broadly, it will support the federal government in expanding access to modern, efficient, consumer-centric financial management solutions.