{"id":541099,"date":"2023-07-04T19:00:08","date_gmt":"2023-07-04T19:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=541099"},"modified":"2024-06-11T12:38:18","modified_gmt":"2024-06-11T12:38:18","slug":"federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\/","title":{"rendered":"Federal Reserve Certifies 57 Organizations For Instant Payments System &#8216;FedNow&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The United States Federal <\/span><span style=\"font-weight: 400\">Reserve<\/span><span style=\"font-weight: 400\"> has made a significant <a href=\"https:\/\/www.reuters.com\/technology\/fed-says-57-firms-set-use-fednow-instant-payments-after-late-july-launch-2023-06-29\/\" rel=\"nofollow\">announcement<\/a> regarding the certification of 57 organizations, including financial institutions and service providers, for the highly anticipated launch of the FedNow Service.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With major players in the banking industry, such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo, among the certified entities named by the Fed, the stage is set for a transformative shift in the financial landscape.<\/span><\/p>\n<h2>Testing And Certification Completion For FedNow<\/h2>\n<p><span style=\"font-weight: 400\">The Federal Reserve has disclosed that 57 early adopter organizations have successfully completed formal testing and certification for the upcoming FedNow Service launch planned for late July.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/xrp-cardano-among-altcoins-keep-an-eye-on-santiment\/?swcfpc=1\">XRP, Cardano Among Altcoins To Keep An Eye On: Santiment<\/a><\/div>\n<p><span style=\"font-weight: 400\">This diverse group consists of financial institutions and service providers that are ready to send and receive transactions, supporting settlement and processing on behalf of participants.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The US Department of the Treasury is also among the early adopters, reflecting the breadth of involvement in this groundbreaking initiative.<\/span><\/p>\n<h2>Readiness and Final Trial Runs<\/h2>\n<p><span style=\"font-weight: 400\">The certified organizations are currently undergoing final trial runs to confirm their readiness in handling live transactions over the new instant payments infrastructure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This critical phase ensures that the participants can seamlessly embrace the capabilities of FedNow, providing enhanced payment experiences to their customers.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0As part of this process, comprehensive testing and validation have been conducted to ensure compatibility, reliability, and optimal performance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The FedNow Service is designed to be a platform for innovation, allowing financial institutions to adopt and build upon its capabilities over time. With the goal of offering new instant payment services to their customers, these institutions are expected to leverage FedNow for various use cases such as account-to-account transfers, requests for payment, bill payments, and more.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/R2V5VbNa\/\" alt=\"Total crypto market cap chart from TradingView.com (FedNow)\" width=\"2884\" height=\"1724\"><\/p>\n<pre style=\"text-align: center\">Crypto total market cap continues to recover | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">This forward-looking approach fosters a dynamic and evolving financial ecosystem, catering to the changing needs of businesses and individuals alike.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition to the early adopters, the Federal Reserve continues to collaborate with financial institutions planning to join the FedNow Service later in 2023 and beyond.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This ongoing effort aims to build a robust network that encompasses all 10,000 US financial institutions, ensuring nationwide reach and accessibility.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-sol-price-targets-40-rally-strong-fundamentals\/?swcfpc=1\">Solana (SOL) Price Targets 40% Rally Amid Strong Fundamentals<\/a><\/div>\n<p><span style=\"font-weight: 400\">By facilitating participation from organizations of all sizes and geographical locations, the Federal Reserve paves the way for a comprehensive and inclusive instant payment ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This instant payment system is set to revolutionize the US payment infrastructure, enabling individuals and businesses to make faster and more efficient transactions.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The United States Federal Reserve has made a significant announcement regarding the certification of 57 organizations, including financial institutions and service providers, for the highly anticipated launch of the FedNow Service.\u00a0 With major players in the banking industry, such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo, among the certified entities named by the Fed, the stage is set for a transformative shift in the financial landscape. Testing And Certification Completion For FedNow The Federal Reserve has disclosed that 57 early adopter organizations have successfully completed formal testing and certification for the upcoming FedNow Service launch planned for late July. Related Reading: XRP, Cardano Among Altcoins To Keep An Eye On: Santiment This diverse group consists of financial institutions and service providers that are ready to send and receive transactions, supporting settlement and processing on behalf of participants. The US Department of the Treasury is also among the early adopters, reflecting the breadth of involvement in this groundbreaking initiative. Readiness and Final Trial Runs The certified organizations are currently undergoing final trial runs to confirm their readiness in handling live transactions over the new instant payments infrastructure.\u00a0 This critical phase ensures that the participants can seamlessly embrace the capabilities of FedNow, providing enhanced payment experiences to their customers. \u00a0As part of this process, comprehensive testing and validation have been conducted to ensure compatibility, reliability, and optimal performance. The FedNow Service is designed to be a platform for innovation, allowing financial institutions to adopt and build upon its capabilities over time. With the goal of offering new instant payment services to their customers, these institutions are expected to leverage FedNow for various use cases such as account-to-account transfers, requests for payment, bill payments, and more.\u00a0 Crypto total market cap continues to recover | Source: Crypto Total Market Cap on TradingView.com This forward-looking approach fosters a dynamic and evolving financial ecosystem, catering to the changing needs of businesses and individuals alike. In addition to the early adopters, the Federal Reserve continues to collaborate with financial institutions planning to join the FedNow Service later in 2023 and beyond.\u00a0 This ongoing effort aims to build a robust network that encompasses all 10,000 US financial institutions, ensuring nationwide reach and accessibility.\u00a0 Related Reading: Solana (SOL) Price Targets 40% Rally Amid Strong Fundamentals By facilitating participation from organizations of all sizes and geographical locations, the Federal Reserve paves the way for a comprehensive and inclusive instant payment ecosystem. This instant payment system is set to revolutionize the US payment infrastructure, enabling individuals and businesses to make faster and more efficient transactions. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":541107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[14690,7918,87995,4209,4287],"class_list":["post-541099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto-news","tag-federal-reserve","tag-fednow","tag-transactions","tag-united-states"],"acf":[],"yoast_head":"\n<title>Federal Reserve Certifies 57 Organizations For Instant Payments System &#039;FedNow&#039;<\/title>\n<meta name=\"description\" content=\"The US Federal Reserve has certified 57 organizations for the highly anticipated launch of the FedNow Service.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Federal Reserve Certifies 57 Organizations For Instant Payments System &#8216;FedNow&#8217;","url":"http:\/\/uniquehot.com\/news\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-939248364.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-939248364.jpg?fit=1253%2C836"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto news","federal reserve","fednow","transactions","united states"],"dateCreated":"2023-07-04T19:00:08Z","datePublished":"2023-07-04T19:00:08Z","dateModified":"2024-06-11T12:38:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Federal Reserve Certifies 57 Organizations For Instant Payments System &#8216;FedNow&#8217;\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/federal-reserve-certifies-57-organizations-for-instant-payments-system-fednow\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-939248364.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-939248364.jpg?fit=1253%2C836\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto news\",\"federal reserve\",\"fednow\",\"transactions\",\"united states\"],\"dateCreated\":\"2023-07-04T19:00:08Z\",\"datePublished\":\"2023-07-04T19:00:08Z\",\"dateModified\":\"2024-06-11T12:38:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-939248364.jpg?fit=1253%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/541099"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=541099"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/541099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/541107"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=541099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=541099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=541099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}