Fed says 57 firms set to use 'FedNow' instant payments after late July launch

FILE PHOTO: The Federal Reserve building is pictured in Washington, U.S., on March 19, 2019. REUTERS/Leah Millis/File Photo

WASHINGTON (Reuters) - The U.S. Federal Reserve announced on Thursday that 57 firms have been certified to utilize its "FedNow" instant payments system after it launches in late July.

The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase, Bank of New York Mellon, US Bancorp and Wells Fargo, have completed formal testing and will be ready to provide instant payments after the new service is live.

(Reporting by Pete Schroeder; Editing by Chris Reese)