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Fednow Service

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financetechnology2 years ago

FedNow® Service Goes Live, Bringing Instant Payments to More Banks and Customers

The Federal Reserve has announced that its new system for instant payments, the FedNow Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, providing benefits such as immediate access to funds and efficient cash flow management. The service operates alongside other Federal Reserve payment services and aims to support widespread availability for customers over time.

via Federal Reserve|
#banks#credit-unions#federal-reserve
finance2 years ago

"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.

via Federal Reserve|
#certification#federal-reserve#fednow-service
finance2 years ago

FedNow instant payment service set to launch in July with Tassat blockchain pilot.

The Federal Reserve has announced that the FedNow Service will start operating in July, with early adopters completing a customer testing and certification program to prepare for sending live transactions through the system. The service will launch with a robust set of core clearing and settlement functionality and value-added features, with more features and enhancements to be added in future releases. The U.S. Treasury and a diverse mix of financial institutions of all sizes have declared their intent to begin using the service in July.

via Federal Reserve|
#federal-reserve#fednow-service#finance