The Federal Reserve is the central banking system of the United States comprised on twelve regional Federal Reserve Banks owned by member banks and overseen by an appointed board of governors. The Federal Reserve Bank has a mission of maximizing employment, stabilizing prices, and moderating long-term interest rates, supervising and regulating banks, enabling stability in the US financial system, and facilitating banking services for banks and the government. The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. The FedNow Service will be deployed in phases, with the initial launch taking place July 2023.