Banking giant JPMorgan Chase and 40 other US banks are testing the Federal Reserve’s new instant payment infrastructure called FedNow.
According to a new Federal Reserve press release, 41 banks and 15 service providers are wrapping up FedNow test trials ahead of an official launch of the service, which is scheduled for late July.
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Says Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive,
“We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in the process of completing the final round of readiness testing. With go-live nearing, financial institutions and their industry partners should be confident in moving forward with plans to join the network of organizations participating in the FedNow Service.”
According to the Federal Reserve, the FedNow Service aims to enable businesses and individuals to send and receive instant payments anytime.
The Federal Reserve says it plans to increase the number of banks using FedNow this year and in years to come until all 10,000 have adopted the technology.
Other large banks testing the service to start using it in July include Bank of New York Mellon, US Bancorp and Wells Fargo. The U.S. Department of the Treasury is also intending to use the service.
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