Fed says 57 firms set to use 'FedNow' instant payments after late July launch
6122ee467d22433199917c7d • June 29, 2023
Fed says 57 firms set to use 'FedNow' instant payments after late July launch
The U.S. Federal Reserve announced on Thursday that 57 firms have been certified to utilize its "FedNow" instant payments system after it launches in late July.
The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase (JPM.N)
, Bank of New York Mellon (BK.N)
, US Bancorp (USB.N)
and Wells Fargo (WFC.N)
, have completed formal testing and will be ready to provide instant payments after the new service is live.
SOURCE: REUTERS
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