The early adopters included 41 financial institutions participating as senders, receivers and/or correspondents supporting settlement, as well as 15 service providers processing on behalf of participants and the U.S. Department of the Treasury.

Ken Montgomery, COO of the Federal Reserve Bank of Boston and FedNow program executive, said the early adopters are now performing final trial runs on the service to confirm their readiness to support live transactions over the new instant payments infrastructure.

"We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in the process of completing the final round of readiness testing," Montgomery said. "With go-live nearing, financial institutions and their industry partners should be confident in moving forward with plans to join the network of organizations participating in the FedNow Service."

Over time, financial institutions are expected to adopt and build on the FedNow Service with the goal of offering new instant payments services to their customers. Montgomery noted that as a platform for innovation, the FedNow Service is intended to support multiple use cases, such as account to account transfer, request for payment, bill pay and many others.

In addition to working with early adopters, the Federal Reserve continues to work with and onboard financial institutions planning to join later in 2023 and beyond, as the initial step to growing a robust network aiming to reach all 10,000 U.S. financial institutions.

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year.

Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.

Access will be provided through the Federal Reserve's FedLine network, which serves more than 10,000 financial institutions directly or through their agents.

The credit unions and corporate credit unions that have completed certification in the FedNow Service are:

• Alloya Corporate Federal Credit Union of Naperville, Ill. ($5.8 billion in assets, 1,356 members);
• Corporate America Credit Union of Birmingham, Ala. ($3 billion, 531 members);
• Corporate One Federal Credit Union of Columbus, Ohio ($4.9 billion, 723 members);
• Eastern Corporate Federal Credit Union of Burlington, Mass. ($770.7 million, 199 members);
• Catalyst Corporate Federal Credit Union of Plano, Texas ($4.4 billion, 1,133 members);
• Millennium Corporate Credit Union of Wichita, Kan. ($805.8 million, 289 members);
• Vizo Financial Corporate Credit Union of Greensboro, N.C. ($5.3 billion, 655 members);
• Consumers Cooperative Credit Union of Alliance, Neb. ($38.9 million, 3,167 members);
• HawaiiUSA Federal Credit Union of Honolulu ($2.3 billion, 132,178 members);
• Michigan Schools & Government Credit Union of Clinton Township ($3.4 billion, 144,194 members);
• Pima Federal Credit Union of Tucson, Ariz. ($1 billion, 64,375 members);
• Star One Credit Union of Sunnyvale, Calif. ($10.3 billion, 123,357 members); and
• Veridian Credit Union of Waterloo, Iowa ($7 billion, 319,961 members).