The Federal Reserve’s FedNow instantaneous payments service will start running in July, the firm revealed today. The Fed will start the official accreditation of individuals in the very first week of April for the launch. As part of that procedure, early adopters will finish a robust screening program to guarantee functional preparedness 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 firm. “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.”