FedNow Service will launch in July

The Federal Reserve is scheduled to launch its FedNow Service in July, Fed officials announced at ICBA LIVE 2023 in Hawaii.

Certification Process: In remarks to attendees and a follow-up news release, Federal Reserve Bank of Boston First Vice President Kenneth Montgomery said the Fed will begin the formal certification of FedNow participants during the first week of April. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.

More: The Fed also said:

  • Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience.

  • In June, the Fed and certified participants will conduct production validation activities to confirm readiness for the July launch.

  • Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions, the largest processors, and the U.S. Treasury.

  • The Fed will continue working to expand the network of participating financial institutions throughout 2023 and beyond.

ICBA Bancard Demo: ICBA Bancard will continue its FedNow webinar series next month with a demo of the FedNow Service. Scheduled for 2 p.m. (Eastern time) Monday, April 3, the webinar will cover what the service will look like and what to expect with onboarding.