Federal Reserve: Announces July launch for the FedNow Service

Federal Reserve: Announces July launch for the FedNow Service

• Federal Reserve Banks are developing the Service to facilitate the nationwide reach of instant payment services 
• Announced that the FedNow Service will start operating in July and provided details on preparations for launch
• In the first week of April, will begin the formal certification of participants for the launch of the service
• The certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness
• Many early adopters have declared their intent to begin using the service in July, including a diverse mix
• The FedNow Service will launch with a robust set of core clearing and settlement functionality and value-added features