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FedNow Instant Payments Service to Launch by July 2023

FedNow Instant Payments Service to Launch by July 2023

Posted: Aug 31 2022
The Federal Reserve plans to launch its FedNow service by midyear 2023, targeting May to July as the production rollout window for the anticipated instant payments service. The pilot program is slated to enter technical testing next month.

More than 120 organizations are taking part in the pilot. FedNow will be accessible to financial institutions of any size, and participants will be able to provide businesses and consumers with the ability to send and receive instant payments efficiently and securely, and payment recipients will have full access to funds immediately, according to the Fed.

Participants in the FedNow pilot will complete a certification process to ensure operational and messaging readiness and then move into production once the service is launched. As the pilot program moves into the testing phase, the Fed will engage nonpilot financial institutions and service providers interested in being early adopters.
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