FedNow set to launch in July

Onboarding to instant payment system begins in April, followed by production validation

Overdue payment

FedNow, the US’s 24/7 instant payments system, will begin operation in July, the Federal Reserve announced.

The Fed plans to onboard participants in the first week of April. “Early adopters will complete a customer testing and certification programme,” said the Fed. The programme will be based on data from the Fed’s previous FedNow pilot.

In June, the central bank will conduct production validation activities with participants, “to confirm readiness for the July launch”.

“With the FedNow

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