"Federal Reserve Certifies Organizations for FedNow® Service Launch with Major Banks and Tech Vendors"
TL;DR
The Federal Reserve has announced that 57 organizations, including financial institutions and service providers, have completed testing and certification for the upcoming launch of the FedNow Service in late July. These early adopters are now conducting final trial runs to ensure readiness for live transactions. The FedNow Service aims to facilitate instant payment services nationwide, allowing businesses and individuals to send and receive instant payments at any time, with immediate access to funds. The Federal Reserve is also working with additional financial institutions to expand the network in the future.
Topics:businessfinance#certification#federal-reserve#fednow-service#finance#financial-institutions#instant-payments
- Federal Reserve names organizations certified as ready for FedNow® Service Federal Reserve
- FedNow's first participants include large banks, influential tech vendors American Banker
- Fed Plans Late-July Launch of FedNow Payments System The Wall Street Journal
- FedNow to launch late July with early adopters JPMorgan, Wells Fargo, others (NYSE:WFC) Seeking Alpha
- Fed says 57 firms set to use 'FedNow' instant payments after late July launch CNA
- View Full Coverage on Google News
Want the full story? Read the original reporting
Read on Federal Reserve