Fed Says 57 Firms Set To Use ‘FedNow’ Instant Payments After Late July Launch

The U.S. Federal Reserve revealed that 57 companies have received certification to utilize its upcoming “FedNow” instant payments system. While the exact launch date was not disclosed, 41 banks and 15 service providers, including notable firms like JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo, have successfully completed testing and will be prepared to offer instant payments once the service goes live.