As we reported in August of 2019, the Federal Reserve has confirmed their plan to launch their “FedNow” service in July of 2023.
@federalreserve @frbservices announce July launch for the FedNow Service: https://t.co/a7kPqxkS7Q
— Federal Reserve (@federalreserve) March 15, 2023
The Fed said it will “begin the formal certification of participants” during the first week of April in preparation for the launch.
“Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system,” the announcement reads.
The Federal Reserve outlined that it will push to onboard as many as financial institutions as possible in order to increase the availability of instant payments, after its official launch.