Federal Reserve announces July launch for the FedNow Service

The Board of Governors of the Federal Reserve System (FED) has published a press statement to inform that it will finally launch its FedNow℠ Service – a 24/7 interbank settlement service with clearing functionality to support instant payments in the United States – in July 2023. The FED also describes its way forward up until July which will include the formal certification of participating financial institutions (early adopters) beginning in the first week of April 2023. The certification includes the testing of institutions‘ readiness in terms of their operations and networks. Final „production validation activities“ are scheduled for June 2023.
In the meantime, the FED will also continue to engage with non-early adopting financial institutions and service providers „to complete the testing and certification program and implement the service throughout 2023 and beyond“.