The Federal Reserve today announced that 57 early adopter organizations have completed formal testing and certification in advance of FedNow’s launch planned for late July. Many of the organizations will be live when the FedNow launches or shortly after, with financial institutions ready to send and receive transactions and service providers ready to support transaction activity.
The early adopters are currently performing final trial runs on the service to confirm their readiness to support live transactions over the instant payments infrastructure, the Fed said. The early adopters include 41 financial institutions participating as senders, receivers or correspondents supporting settlement; 15 service providers processing on behalf of participants; and the Treasury Department.
Over time, financial institutions are expected to adopt and build on FedNow with the goal of offering instant payments services to customers, the agency said. The Fed added that it will continue to work with and onboard financial institutions planning to join later in 2023 and beyond, with the goal of reaching all 10,000 U.S. financial institutions.
