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Catalyst Corporate | Sep 02, 2022
The U.S. Federal Reserve has tightened the window for the launch of its FedNow Service instant payments platform to between May and July of 2023, according to a press release last week.
The FedNow Service will be open to financial institutions of any size, enabling them to facilitate instant payments for consumers and businesses, giving them immediate full access to funds.
This announcement comes as the FedNow Pilot Program prepares to enter technical testing for the service starting this month. The 120+ organizations currently participating in the FedNow Pilot Program, including Catalyst Corporate, will complete a certification process and then move into production once the service is launched.
"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," Ken Montgomery, FedNow Service program executive, said in the central bank’s press release.
For more information or assistance with a faster payments strategy, contact us today.