![](https://investorshub.advfn.com/uicon/418528.png?cb=1464634260)
Saturday, March 11, 2023 5:47:19 PM
"Federal Reserve?updates FedNowSM Service timing to mid-2023, marks beginning of full-scale pilot testing":
August 29, 2022
The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter technical testing for the service starting in September.
“Today, with the FedNow launch date in sight, we are pleased with the collaboration and dedication our pilot participants have brought to advance modern payments in America,” said Esther George, president and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the FedNow program.
Currently, more than 120 organizations are participating in the FedNow Pilot Program. Recent newcomers include U.S. Bank, Exchange Bank, and several payment processors and solution providers, including Alacriti Payments LLC, ECS Fin Inc., Form3 and ModusBox, Inc.
The FedNow Service will be accessible to financial institutions of any size, helping broaden the reach of instant payments to communities nationwide. Financial institutions participating in the service will be able to provide businesses and consumers with the ability to send and receive instant payments efficiently and securely. Payment recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.
“The benefits of instant payments are increasingly important to consumers and businesses, and the ability to provide this service will be critical for financial institutions to remain competitive,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Next year, financial institutions will be able to use the FedNow Service as a springboard to provide innovative solutions to their customers.”
Participants in the FedNow Pilot Program 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 Federal Reserve is beginning to engage non-pilot financial institutions and service providers interested in being early adopters of the service.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit?FedNowExplorer.org (Off-site).
Media Contacts
Maryellen Thielen (Federal Reserve Financial Services) P: (312) 322-4427
Amy Bickers (Federal Reserve Financial Services) P: (312) 322-8210
https://www.frbservices.org/news/press-releases/082922-fednow-service-timing-mid-2023
Recent BTCUSD News
- $215,653,379,240 Added to US National Debt in One Month As Former White House Official Warns America on Brink of Fiscal Abyss • The Daily Hodl • 06/29/2024 06:21:16 PM
- Meta’s prototype ‘full holographic’ glasses could be a game changer for Web3 • Cointelegraph • 06/29/2024 05:50:54 PM
- XRP Year-Long Curse Broken? Analyst Bullish On Crypto’s 240% Rally • NEWSBTC • 06/29/2024 05:30:18 PM
- JPMorgan Chase, Bank of America and Wells Fargo Accounts Used in Alleged $92,000,000 Money Laundering Scheme: Report • The Daily Hodl • 06/29/2024 04:48:56 PM
- Unlock Daily Profits with BlockDAG’s X10 Miner & $54.5M Presale Showdown: More On Polkadot & Bitcoin Cash • ZyCrypto • 06/29/2024 04:46:56 PM
- Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Jump To $1.2 • NEWSBTC • 06/29/2024 03:30:49 PM
- Crypto Analyst Says One Ethereum Rival Is Extremely Undervalued, Maps Path Forward for Bitcoin and Chainlink • The Daily Hodl • 06/29/2024 02:30:56 PM
- Bitget lists Qubic (QUBIC), the AI-based Layer 1 blockchain on Spot market • ChainWire • 06/29/2024 12:54:19 PM
- Exploring Sui’s Object-Centric Model and the Move Programming Language • Cointelegraph • 06/29/2024 12:30:00 PM
- Trader Says Ethereum-Based Altcoin Primed To ‘Get Explosive Soon,’ Updates Outlook on Bitcoin and Curve • The Daily Hodl • 06/29/2024 11:45:15 AM
- Analyst Identifies Bitcoin Liquidity Pools You Should Be Aware Of Going Into July • NEWSBTC • 06/29/2024 11:00:47 AM
- Hamster Kombat creators: marketing geniuses or modern satirists? • Cointelegraph • 06/29/2024 10:00:00 AM
- Analyst John Bollinger Foresees More Consolidation For Bitcoin • NEWSBTC • 06/29/2024 09:30:27 AM
- Altcoin Season Primed To Take Place ‘Very Soon,’ According to Crypto Analyst Kevin Svenson – Here’s Why • The Daily Hodl • 06/29/2024 09:15:22 AM
- Nigerian official advocates blockchain, AI against illicit financial flows • Cointelegraph • 06/29/2024 07:59:44 AM
- Crypto Analyst Warns That Bitcoin (BTC) Is at Risk of Further Correction – Here’s His Target • The Daily Hodl • 06/29/2024 07:04:50 AM
- Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch • NEWSBTC • 06/29/2024 07:00:59 AM
- Steam’s Clicker Game Sensation Opens Debate About NFTs And Crypto Gaming • NEWSBTC • 06/29/2024 04:00:36 AM
- Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal? • NEWSBTC • 06/29/2024 03:00:32 AM
- Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal • NEWSBTC • 06/29/2024 02:00:12 AM
- Bitcoin’s price won’t ‘dramatically’ increase from here, says billionaire • Cointelegraph • 06/29/2024 01:14:53 AM
- IRS reveals final regulations for crypto broker rules • Cointelegraph • 06/28/2024 11:20:04 PM
- Crypto Trader Says He’s ‘Extremely Long’ On Ethereum, Undeterred By Crash Below $3,400 • NEWSBTC • 06/28/2024 11:00:05 PM
- Supreme Court overturns Chevron deference, reshaping crypto policy • Crypto Briefing • 06/28/2024 10:20:25 PM
- Florida Man Convicted for Violent Kidnapping, Assault and Crypto-Stealing Scheme • The Daily Hodl • 06/28/2024 10:01:56 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM