FedPayments Improvement

FedPayments Improvement is a strategic initiative by the Federal Reserve System to advance the U.S. payment system to meet the evolving demands of the digital economy. Launched following the 2015 publication of the "Strategies for Improving the U.S. Payment System" paper, its mission is to foster a payment system that is faster, more secure, and more efficient for all Americans. The initiative's work has led to significant developments, including the establishment of industry-wide task forces and the landmark launch of the FedNow® Service in 2023, which provides real-time, 24x7x365 instant payment capabilities to financial institutions across the United States.