- The Federal Reserve has officially announced that the launch of its FedNow service will take place in July following the formal certification of participants for the service, which is scheduled to begin in the first week of April.
The certification process includes “a comprehensive testing curriculum with defined expectations for operational readiness and network experience,” the announcement said. Numerous parties, “including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury,” have already signaled their intent to start using the service in July, according to the Fed.
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