Federal Reserve Will Launch ‘FEDNOW’ Payment Service In July

 As the banking system begins to collapse, the Federal Reserve is launching its "FedNow" program in July.

The United States Federal Reserve announced Wednesday it will roll out "FedNow," its long-awaited instant payment system, in July.

Support Gateway Pundit by using promo code TGP at MyPillow.com - and get up to 80% off! The Fed will "Begin the formal certifications of participants during the first week of April in preparation for the July launch." "The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system," the Board of Governors of the Federal Reserve System announced in a statement issued on Wednesday.

"In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch." The Federal Reserves announcement of FedNow comes days after the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday.

"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor.

A sign for the Federal Reserve Board of Governors is seen at the entrance to the William McChesney Martin Jr. building ahead of a news conference by Federal Reserve Board Chairman Jerome Powell on interest rate policy, in Washington, U.S., September 21, 2022.

"This digital identity is going to be accessible across all spectrums of health care. All of your credit information, all three credit bureaus, all of your banking information directly with the federal reserve."

https://www.thegatewaypundit.com/2023/03/federal-reserve-will-launch-fednow-payment-service-in-july/