Fed’s new instant payments system to launch in July

(Reuters) – The U.S. central bank will launch its “FedNow” instant payment service in July, the Federal Reserve said on Wednesday, with certification and testing for early adopters starting in the first week of April.

Announced in 2019, FedNow will allow banks to instantly transfer payments across the financial system.

(Reporting by Ann Saphir, Editing by Rosalba O’Brien)