FedNow instant payment service set to launch in July with Tassat blockchain pilot.

The Federal Reserve has announced that the FedNow Service will start operating in July, with early adopters completing a customer testing and certification program to prepare for sending live transactions through the system. The service will launch with a robust set of core clearing and settlement functionality and value-added features, with more features and enhancements to be added in future releases. The U.S. Treasury and a diverse mix of financial institutions of all sizes have declared their intent to begin using the service in July.