The Federal Reserve’s FedNow Service has announced it will accelerate Federal Emergency Management Agency (FEMA) payments for those impacted by Hurricane Helene, ensuring that funds are disbursed instantly, 24/7, rather than the typical days-long process. This change marks a significant improvement in delivering aid to survivors quickly and securely during a time of critical need.
The move comes as Hurricane Helene caused widespread devastation after making landfall in Florida, with more than 215 fatalities and hundreds of individuals still missing. North Carolina National Guard, along with 1,000 active-duty soldiers, are aiding in relief efforts by delivering supplies, food, and water to isolated communities.
How FedNow Will Support Survivors
Survivors eligible for FEMA payments will now have access to instant relief funds through their bank or financial institution, provided that their institution is part of the Federal Reserve’s FedNow network. The platform, designed to enable individuals and businesses to send instant payments through depository institution accounts, ensures that relief is delivered promptly during times of disaster.
In addition to FEMA’s expedited payments, the Biden administration announced $10 million in upfront funding through presidential discretionary funds to further support recovery efforts for those affected by the hurricane.
This initiative underscores FedNow’s mission to provide flexible, secure, and fast transactions, particularly in response to the urgent needs following natural disasters.