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MNI BRIEF: Fed To Launch Real-Time Payment System In July

(MNI) WASHINGTON
USPolicy NewsCentral Bank NewsHomepageFederal ReserveRegulationBriefStoryRegionNorth America

The Federal Reserve Wednesday said it will launch a real-time payment system in July, with expectations that more features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the network expands in the coming years.

The Fed will begin the formal certification process for participants in the first week of April. Many early adopters have declared their intent to begin using the FedNow Service in July, including a mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury, according to a statement from the Fed.

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The Federal Reserve Wednesday said it will launch a real-time payment system in July, with expectations that more features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the network expands in the coming years.

The Fed will begin the formal certification process for participants in the first week of April. Many early adopters have declared their intent to begin using the FedNow Service in July, including a mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury, according to a statement from the Fed.