FedNow

Pearl Hawaii Federal Credit Union officially joined the FedNow Network on March 31, 2026!

Members can now experience the power of instant payments, with funds arriving in their accounts within seconds – any time, any day of the year. Our strategic approach to payment technology is setting a new standard for member service and helping to build a more connected financial ecosystem across the islands. We look forward to watching how the FedNow Network will transform how our members manage money, bringing instant payment solutions that make life easier and more efficient for families and businesses throughout Hawaii.

Pearl Hawaii is a “Receive Only” participant in the FedNow Network. We have plans to become a “Send and Receive” participant in the near future. Ask your employer, financial institution, wealth advisor or business partners if they participate in the FedNow Network. If they do, request that your payments be sent to your Pearl Hawaii account via the FedNow Network to experience immediate payments!

What is FedNow?

Launched in July 2023, FedNow is the Federal Reserve’s first new U.S. payment rail in 50 years. The FedNow Service is a real-time payment infrastructure developed to modernize the U.S. payment system and provide instant access to funds for consumers and businesses. Unlike traditional payment methods, which often rely on batch processing and can take days to settle, FedNow allows funds to move between accounts at different financial institutions within seconds.

FedNow allows individuals and businesses to send and receive funds in real time, 24/7, 365 days a year, with immediate access to the money. This service provides immediate access to money for transactions such as bill payments, paychecks and payroll deposits, vendor payments, large dollar wire transfers, and account-to-account transfers.

How It Works

FedNow operates as a payment rail connecting participating banks and credit unions. Financial institutions that join the network can offer instant payment services to their customers through their existing apps, websites, or other interfaces. When a payment is sent via FedNow, the recipient receives full access to the funds immediately, allowing for greater financial flexibility and faster cash flow management. Unlike consumer-facing apps like Zelle, FedNow itself is not an app; it is the underlying infrastructure that enables real-time payments.

This process is known as real-time gross settlement, meaning each transaction is processed individually and achieves immediate finality, unlike delayed settlement systems such as ACH and wire processing. The flowchart below shows the process of each FedNow payment.

**Sender needs to include Pearl Hawaii account number (+) account suffix.
Example: Savings Account = ######-1000   Checking Account = ######-2000
Check your statement or online/mobile banking for your suffix you want to transfer money to.

Benefits of FedNow

Speed: Payments are completed in seconds, not days.

Availability: Operates 24/7, including weekends and holidays, unlike traditional payment transfer systems.

Financial flexibility: Immediate access to funds helps individuals and businesses manage cash flow and make time-sensitive payments.

Inclusivity: Available to banks and credit unions of all sizes, supporting nationwide adoption over time.

Participation

Participation in FedNow is voluntary for eligible depository institutions, including commercial banks and credit unions. Institutions can choose to participate as “Send and Receive” or initially as “Receive Only”, giving them flexibility in how they offer instant payment services to their customers. The system is available to more than 10,000 financial institutions within the Federal Reserve network.