Mastercard describes Send as enabling “near real-time payment transfers to and from billions of card, bank and digital accounts globally.” Operates Visa Direct while Mastercard Inc. Treasury.”įirst, the Fed will begin a formal certification of participants in April, and then it will engage in “validation activities” with those participants in June to confirm that they are ready for the official launch.īusinesses and individuals increasingly are interested in moving money more quickly, and financial-technology companies have been catering to these needs.
These include “a diverse mix of financial institutions of all sizes, the largest processors and the U.S. The Fed said in that release that there are “many early adopters” who have “declared their intent” to start using the payments service when it rolls out in July. “The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy,” Tom Barkin, the president of the Federal Reserve Bank of Richmond and the executive sponsor for the FedNow Program, said in a Wednesday statement.
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