The Federal Reserve will launch its FedNow Service in July.
The Fed said in a press release the formal certification process will begin during the first week of April. The Fed and certified participants will conduct production validation activities in June to confirm readiness for the launch.
FedNow “will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution,” Ken Montgomery, first vice president of the Boston Fed and FedNow’s program executive, said in the release.
“With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” Montgomery added.