"Federal Reserve Certifies Organizations for FedNow® Service Launch with Major Banks and Tech Vendors"

The Federal Reserve has announced that 57 organizations, including financial institutions and service providers, have completed testing and certification for the upcoming launch of the FedNow Service in late July. These early adopters are now conducting final trial runs to ensure readiness for live transactions. The FedNow Service aims to facilitate instant payment services nationwide, allowing businesses and individuals to send and receive instant payments at any time, with immediate access to funds. The Federal Reserve is also working with additional financial institutions to expand the network in the future.