[Federal Reserve Proposes Allowing Banks to Use FedNow Service for Transfers via Intermediaries] The Federal Reserve on Wednesday released a proposal to allow U.S. banks and credit unions to use the FedNow service for fund transfers through intermediaries. This aims to support more private sector applications, such as completing the international portion of cross-border payments in collaboration with correspondent banks via FedNow. Currently, fund transfers via the FedNow service are limited to transactions between two U.S. banks. Public comments must be submitted within 60 days of publication in the Federal Register. Media inquiries can be sent to media@frb.gov or directed to 202-452-2955.