Federal Reserve names organizations certified as ready for FedNow® Service

The Board of Governors of the Federal Reserve System (FED) has published a press statement to provide an update on the preparatory work that is being conducted in the run-up to the introduction of the new FedNow℠ Service in July 2023. FedNow℠ is a 24/7 interbank settlement service with clearing functionality to support instant payments in the United States which will facilitate faster and more efficient transactions between financial institutions.
According to the FED, 57 early adopter organizations, including financial institutions and service providers, have now completed „formal testing and certification“ ahead of the planned launch of the FedNow Service in late July (a list of participants may be found here). Currently, they are conducting final trial runs to ensure preparedness for the new system. Many of the organizations, so the FED, will be ready to perform live transactions when the FedNow Service launches or shortly thereafter.
To conclude, the FED notes that it will continue to work with financial institutions (non-early adopters) in an effort to encourage institutions to join the network of organizations participating in the FedNow℠. Its long-term goal is to include „all 10,000 U.S. financial institutions“ in the network.