‘Early adopters’ of new ‘FedNow’ instant payment system testing now for late month’s debut of network

Nearly 60 “early adopters” of the new “FedNow” service were certified June 29 by the Federal Reserve, the agency said, after completing formal testing and certification in advance of the service’s debut set for late July.

According to the agency, many of the 57 organizations – mostly financial institutions and some service providers – will be live upon FedNow service launch or shortly after, with financial institutions ready to send and receive transactions and service providers ready to support transaction activity.

FedNow is designed and sponsored by the Federal Reserve system to facilitate nationwide reach of instant payment services by all sizes of financial institutions, nationwide, 24 hours a day all year long.

The Fed asserted that the service will allow businesses and individuals to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, “giving them greater flexibility to manage their money and make time-sensitive payments.”

The agency said the group of early adopters is now performing final trial runs on the service to confirm their readiness to support live transactions over the new instant payments infrastructure. The early adopters include 41 financial institutions participating as senders, receivers and/or correspondents supporting settlement, 15 service providers processing on behalf of participants, and the U.S. Department of the Treasury.

Ultimately, the Fed said it wants to build the system into a “robust network” potentially reaching all 10,000 U.S. financial institutions. The agency indicated that would include financial institutions adopting and building on the FedNow service with the goal of offering new instant payments services to their customers.

The agency said organizations that have completed certification in the FedNow service include:

Participants (financial institutions) –

  • 1st Bank Yuma
  • 1st Source Bank
  • Adyen
  • Alloya Corporate Federal Credit Union
  • Atlantic Community Bankers Bank
  • Avidia Bank
  • Bankers’ Bank of the West
  • BNY Mellon
  • Bridge Community Bank
  • Bryant Bank
  • Buffalo Federal Bank
  • Catalyst Corporate Federal Credit Union
  • Community Bankers’ Bank
  • Consumers Cooperative Credit Union
  • Corporate America Credit Union
  • Corporate One Federal Credit Union
  • Eastern Corporate Federal Credit Union
  • First Internet Bank of Indiana
  • Global Innovations Bank
  • HawaiiUSA Federal Credit Union
  • JPMorgan Chase
  • Malaga Bank
  • Mediapolis Savings Bank
  • Michigan Schools & Government Credit Union
  • Millennium Corporate Credit Union
  • Nicolet National Bank
  • North American Banking Company
  • PCBB
  • Peoples Bank
  • Pima Federal Credit Union
  • Quad City Bank & Trust
  • Salem Five Bank
  • Star One Credit Union
  • The Bankers Bank
  • United Bankers’ Bank
  • U.S. Bank
  • U.S. Century Bank
  • U.S. Department of the Treasury’s Bureau of the Fiscal Service
  • Veridian Credit Union
  • Vizo Financial Corporate Credit Union
  • Wells Fargo Bank, N.A.

Service providers –

  • ACI Worldwide Corp.
  • Alacriti
  • Aptys Solutions
  • ECS Fin Inc.
  • Finastra
  • Finzly
  • FIS
  • Fiserv Solutions, LLC
  • FPS GOLD
  • Jack Henry
  • Juniper Payments, a PSCU Company
  • Open Payment Network
  • Pidgin, Inc.
  • Temenos
  • Vertifi Software, LLC

Federal Reserve names organizations certified as ready for FedNow Service