Wells Fargo, JPMorgan Among Fed’s Faster Payments Early Adopters

JPMorgan Chase & Co. and Wells Fargo & Co. will be among 57 banks, credit unions, and other service providers taking part in a real-time payments network set to launch in late July.

The FedNow service will allow for near-instant transfers of cash between accounts, even on weekends, replacing the existing system in which it can take days for money to fully change hands. Supporters of the Fed’s efforts say real-time payments can smooth out people’s cash flows and prevent them from getting hit with overdraft and other fees.

“We are on track for the FedNow Service launch, with a ...