FedNow enhances instant payment security

The Federal Reserve Financial Services is launching a new risk mitigation tool for its FedNow Service participants. This network intelligence API will provide receiver account-level data and leverage historical FedNow data to offer enriched insights. The goal is to bolster security for instant payment transactions, giving participating financial institutions and service providers enhanced capabilities to manage risks. This development signifies a proactive approach by the Federal Reserve to ensure the safety and reliability of the growing instant payment ecosystem.