The Federal Reserve’s FedNow instant payments service will begin operating in July, the agency announced today. The Fed will begin the formal certification of participants in the first week of April for the launch. As part of that process, early adopters will complete a robust testing program to ensure operational readiness and network experience ahead of the go-live date.
FedNow “will launch with a robust set of core clearing and settlement functionality and value-added features,” according to the agency. “More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years.”