2  FedNow is expected to be available to financial institutions in July that are early adopters and have completed a program for customer certification and testing. See Board of Governors of the Federal Reserve System, “Federal Reserve Announces July Launch for the FedNow Service,” news release, March 15, 2023, https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm.
In the aftermath of the 2007-2008 global financial crisis, the regulatory landscape of the financial markets around the world is going through significant changes. The repeal of the Glass-Steagall Act that separated investment banking from commercial banking in the USA in 1999 is considered by many as a major reason that precipitated the global financial crisis.