"Wise, Visa, Stripe and major industry trade groups have thrown their support behind the Federal Reserve’s plan to expand the FedNow instant payments system for cross border payments interoperability. Currently FedNow transactions can only be executed domestically between two US banks or credit unions. The FedNow service amendment would enable US banks to utilize FedNow to transfer funds through an intermediary or non-US correspondent bank with an aim toward speeding cross border payments."