# 2026-06996: Fed Reserve Proposes Third-Party Access for FedNow Cross-Border Payments

2026-06996, Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J, is a Federal Register proposed rule from Federal Reserve System published 2026-04-10, effective Comments must be submitted by June 9, 2026.; PRIA reads it as touching household money (as of 2026-06-11).

- Canonical: https://policyrisk.com/federal-register/2026-06996
- As of: 2026-06-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-06996
- Title: Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J
- Type: Proposed Rule
- Agencies: Federal Reserve System
- Citation: 91 FR 18330
- Published: 2026-04-10
- Effective: Comments must be submitted by June 9, 2026.
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: 7100-AH23
- Last updated: 2026-06-11

## In one line

Fed Reserve Proposes Third-Party Access for FedNow Cross-Border Payments

## Summary

The Federal Reserve is updating rules to let FedNow users send money through other helpers, like correspondent banks, not just Reserve Banks. This change aims to make cross-border payments smoother by mixing FedNow for U.S. transfers with private partners for international parts. If you’re involved in FedNow payments, get ready to share your thoughts by June 9, 2026!

## Abstract

The Board is proposing amendments to subpart C of Regulation J (governing the FedNow[supreg] Service) to permit FedNow participants to use intermediaries, other than Reserve Banks, to send funds transfers through the FedNow Service. The Board believes this change could support private-sector cross-border payment solutions by allowing FedNow participants to leverage an intermediary (for example, a correspondent bank) for the international portion of a cross-border transaction and use the FedNow Service for the U.S. domestic portion.

## Effects PRIA read

- FedNow Can Use Non‑Reserve Intermediaries: benefit, medium. The Federal Reserve proposes to allow FedNow participants to use intermediaries other than Reserve Banks (for example, correspondent banks) to send funds transfers through the FedNow Service. The Board says this change could let participants leverage an intermediary for the international portion of…
- Reserve Banks May Rely on Intermediary Routing Numbers: benefit, low. The proposal (amendment to Sec. 210.42(a)) would let a Reserve Bank that receives a payment order rely on the routing number in the order as identifying the intermediary bank, even if the name in the order identifies a different bank, provided the Reserve Bank does not know of an inconsistency. The…
- Immediate Funds Availability Limited to Beneficiary Bank Acceptance: mixed, medium. Regulation J would continue to require immediate funds availability only when a beneficiary's bank (not an intermediary) accepts a payment order over the FedNow Service (see Sec. 210.44(b)(1)). For outbound cross‑border transfers where an intermediary bank accepts the FedNow order and the beneficia…
- Senders Must Designate Non‑Reserve Intermediaries: cost, low. The Board proposes to amend Sec. 210.45(b) so that a sender must designate any intermediary bank (other than a Federal Reserve Bank) in the sender's payment order for the FedNow Service. A sender also may not instruct a Reserve Bank to use a different funds‑transfer system unless the Reserve Bank a…
- Proposal Applies to All Depository Institutions; Small Banks Noted: mixed, low. The Board says the proposed amendments would apply to all depository institutions that choose to use the Reserve Banks' FedNow Service and notes that about 7,040 depository institutions have $850 million or less in assets and are considered small entities for purposes of the Regulatory Flexibility…

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## Sources
- [2026-06996 on federalregister.gov](https://www.federalregister.gov/documents/2026/04/10/2026-06996/collection-of-checks-and-other-items-by-federal-reserve-banks-and-funds-transfers-through-the)
- [2026-06996 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-04-10/pdf/2026-06996.pdf)

## Related
- [Previous: 2026-06980, Airworthiness Directives; Airbus SAS Airplanes](https://policyrisk.com/federal-register/2026-06980)
- [Next: 2026-07006, Alaska; Hunting and Trapping in National Preserves; Extension of Comment Period](https://policyrisk.com/federal-register/2026-07006)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-06996 (as of 2026-06-11).