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Federal Reserve: Announces July launch for the FedNow Service

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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
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