(a) Rejection. A sender
shall not send a payment order to a Federal Reserve Bank unless authorized
to do so by the Federal Reserve Bank. A Federal Reserve Bank may reject,
or impose conditions that must be satisfied before it will accept,
a payment order for any reason.
(b) Selection of an intermediary bank. For an interdistrict transfer
through the FedNow Service, a Federal Reserve Bank is authorized and
directed to execute a payment order through another Federal Reserve
Bank. A sender shall not send a payment order to a Federal Reserve
Bank that requires the Federal Reserve Bank to send a payment order
to an intermediary bank (other than a Federal Reserve Bank). A sender
shall not send to a Federal Reserve Bank a payment order through the
FedNow Service that instructs use by a Federal Reserve Bank of a funds-transfer
system or means of transmission other than the FedNow Service, unless
the Federal Reserve Bank agrees with the sender in writing to follow
such instructions.
(c) Execution
date and payment date. A sender shall not issue a payment order
through the FedNow Service that instructs a Federal Reserve Bank to
execute the payment order or to pay the beneficiary on a FedNow funds-transfer
business day that is later than the funds-transfer business day on
which the order is received by the Federal Reserve Bank, unless the
Federal Reserve Bank agrees with the sender in writing to follow such
instructions.
