FedNow is a service developed by the Federal Reserve for depository institutions in the United States. It will enable individuals and businesses to send and receive instant payments. Banks will be able to build products on top of the FedNow platform. FedNow is scheduled to begin formal certification of participants of the program in April 2023, with a formal launch planned for July 2023. It will operate on a 24-hour, 365-days-a-year basis, as op…