The U.S. Federal Reserve has announced that its FedNow service will launch this summer, as seen in a statement from the agency on March 15.

The Federal Reserve said that it will begin to certify FedNow participants in April. It will also engage in validation activities to ensure that all parties are ready for the service in June.

Finally, the FedNow payment network will be fully launched in July.

FedNow intends to handle instant payments between participating financial institutions with 24/7 availability. It will offer core clearing and settlement services, and other features are expected to be introduced in the future. The service will be used by financial institutions and payment processors of various sizes as well as the U.S. Treasury.

(By Mike Dalton)