The Bank Slate


Fed: 57 entities certified to use FedNow ahead of launch

Nearly 60 entities have been certified to use the Federal Reserve’s real-time payments system.

The central bank said in a press release that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification for its FedNow Service.

FedNow is expected to launch in late July.

Early adopters are performing final trial runs to confirm readiness to support live transactions. Those participants include 41 financial institutions, 15 service providers and the Treasury Department.

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