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Early FedNow adopters announced
The Federal Reserve Thursday released a list of 57 early adopters that have completed formal testing and certification in advance of the FedNow Service’s launch. The announcement indicates the group is performing final trial runs to confirm their readiness for live transactions through FedNow, which is set to launch in late July, but no official date has been set.
Several credit unions are among the 41 financial institutions that are early adopters participating as senders, receivers, and/or correspondents supporting settlement; 15 service providers, as well as the Treasury Department, are also among the early adopters to process payments on behalf of the participants.
NAFCU has created a new webpage dedicated to assisting credit unions prepare for the FedNow launch, and is also seeking feedback from credit unions that have already used FedNow; submit a statement today.
NAFCU has long supported the Fed’s involvement as an operator of a new, real-time payments rail. The association will continue to advocate for development of robust risk management tools, safeguards, and end-user features to promote FedNow adoption.