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The Federal reserve has cut the launch timetable for its new real-time payment system FedNow by a full year to 2023. The launch of the new payments plumbing will operate in a phased approach, beginning with core clearing and settlement functionality and key value-added features, such as a request-for-payment capability and tools to support participants in their handling of payment inquiries, reconcilements and certain exceptions.
“Over the last several months, we’ve made significant strides toward our programme milestones for the FedNow Service,” says Esther George, president and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the FedNow programme. “Based on the FedNow team’s progress, we are pleased to share this updated timeline so the industry can continue to prepare for the adoption of FedNow.”
