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
