JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service’s Launch – Crypto News – Crypto News
Connect with us
JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service's Launch JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service's Launch

others

JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service’s Launch – Crypto News

Published

3 years ago

on

Banking giant JPMorgan Chase and 40 other US banks are testing the Federal Reserve’s new instant payment infrastructure called FedNow.

According to a new Federal Reserve press release, 41 banks and 15 service providers are wrapping up FedNow testing. trials ahead of an official launch of the service, which is scheduled for late July.

Says Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive,

“We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in the process of completing the final round of readiness testing. With go-live nearing, financial institutions and their industry partners should be confident in moving forward with plans to join the network of organizations participating in the FedNow Service.”

According to the Federal Reserve, the FedNow Service aims to enable businesses and individuals to send and receive instant payments anytime.

The Federal Reserve says it plans to increase the number of banks using FedNow this year and in years to come until all 10,000 have adopted the technology.

Other large banks testing the service to start using it in July includes Bank of New York Mellon, US Bancorp and Wells Fargo. The US Department of the Treasury is also intending to use the service.

The service providers running final tests include Juniper Payments, Jack Henry and Open Payment Network.

Don’t Miss a Beat SUBSCRIBE to get email alerts delivered directly to your inbox

check price action

Follow us on Twitter, facebook and Telegram

surfing The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending