Banking giant JPMorgan Chase and 40 other US banks are testing the Federal Reserve’s new instant payment infrastructure, dubbed FedNow.
According to a new Federal Reserve press release, 41 banks and 15 service providers are completing FedNow test trials ahead of the service’s official launch, which is scheduled for late July.
Says Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program manager,
“We are on track for the launch of FedNow Service, with a strong cohort of financial institutions and service providers of all sizes completing the latest round of readiness testing. As the go-live approaches, financial institutions and their industry partners should feel confident moving forward with plans to join the network of organizations participating in the FedNow service.”
According to the Federal Reserve, the FedNow service is intended to enable businesses and individuals to send and receive instant payments at any time.
The Federal Reserve says it plans to increase the number of banks using FedNow this year and in the years to come until all 10,000 have adopted the technology.
Other major banks testing the service to begin using it in July include Bank of New York Mellon, US Bancorp, and Wells Fargo. The US Treasury Department also plans to use the service.
The service providers doing the final testing include Juniper Payments, Jack Henry, and Open Payment Network.
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Image generated: Midway through the journey