Economy / FinanceRomeo Full Staff

JPMorgan Chase and 40 Other U.S. Banks are Conducting FedNow Trial Runs


JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service’s Launch   Banking giant JPMorgan Chase and 40 other US banks are testing the Federal Reserve’s new instant payment infrastructure called FedNow. According to a new Federal Reserve press release, 41 banks and 15 service providers are wrapping up FedNow test trials ahead of an official launch of the service, which is scheduled for late July. Says Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive, “We are on track for the FedNow Service launch, with a strong…

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