FedNow testing is here: U.S. banks begin transacting on instant payment network ahead of July launch

With less than a month remaining until the?official launch of FedNowSM in July, industry testing of the Federal Reserve’s new instant payments network is in full swing. Supported by payments modernization experts and strategic partners like Volante, banks and financial institutions are now affirming their ability to connect to the FedNow payment rail and execute many customer transactions, including send, send-and-receive, and Request for Payments.

The early testing and certification program, which formally began in April 2023 following multiple phases of the initial?FedNow Pilot Program, will serve as a final validation of the network’s functionality ahead of its release. As the official launch date nears, the Federal Reserve continues to encourage banks to join the growing ranks of participating institutions, to maximize the availability and benefits of real-time payments throughout the U.S.

Widespread adoption of the FedNow system promises a number of transformational benefits for both consumers and businesses, from instant settlements and reduced transaction costs, to increased visibility, security, and flexibility when it comes to tracking finances and sending and receiving time-sensitive payments.

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