A post submitted by CGI member Morgan.

(FedNow is a Federally backed, instant pay system, like Venmo, Cash App, PayPal or Zelle - Only the Feds are involved)

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On June 29, 2023, the Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, had completed formal testing and certification on the FedNow Service in advance of its launch in late July. Many of these organizations will be live when the FedNow Service launches or shortly after, with financial institutions ready to send and receive transactions and service providers ready to support transaction activity.

This 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.

In addition to the initial adopters, the Federal Reserve continues to work with and onboard financial institutions and service providers planning to join later in 2023 and beyond, as the initial step to growing a robust network aimed at reaching all 10,000 U.S. financial institutions. (Source.)

https://www.frbservices.org/financial-services/fednow/organizations-certified

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KILL THE BANKING SYSTEM FASTER. MOVE TO A CREDIT UNION IF YOU CAN, YESTERDAY!