Macro· ★★★· neutral·

FedNow moves closer to cross-border payments for U.S. banks

  • —FedNow will settle only the U.S. leg, with correspondent banks handling the international portion
  • —Early adopters, including Payall, are testing enhanced ISO 20022 message formats
  • —FedNow settled about five million payments worth nearly $275 billion in Q2
  • —Rollout hinges on approval of Regulation J amendments and Operating Circular 8 changes
Why it matters: Extending FedNow to cross-border payments would intensify competition with stablecoins in international transfers, though no launch date has been set.
Source: crypto.news
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