Federal Reserve reveals the 57 companies cleared to use FedNow

- The Federal Reserve has announced that 57 companies have completed the formal testing and certification process for FedNow, clearing them to begin using the new instant payment system once it launches later in July.

Early adopter organizations are primarily composed of financial institutions that facilitate the sending and receiving of transactions and service providers that support transaction activity, they said. The early adopters are now performing final trial runs on the service in collaboration with the U.S. Department of the Treasury to confirm their readiness to support live transactions over the new system, the release said.

As FedNow rolls out and gains adoption, more financial institutions are expected to adopt and build on the new system so that they can offer instant payment services to their customers.

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