March 16, 2023

FedNow to launch in July

digital dollarThe Federal Reserve announced its FedNow service which will allow participating credit unions the ability to send and receive real-time payments will start operating in July. NAFCU has long supported the Fed’s involvement as an operator of a new, real-time payments rail.

Formal certification of participants for launch of the service will begin the first week of April. Early adopters will complete a customer testing and certification program, informed by feedback received during the FedNow Pilot Program, to prepare for sending live transactions through the system.

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

NAFCU is offering a free webinar March 28 on FedNow service features and details on its 24/7/365 operations. Another free webinar on FedNow preparation and resources is also available on demand.

NAFCU will continue to advocate for development of robust risk management tools, safeguards, and end-user features to promote FedNow adoption.