Intuit announced on April 9 that it has completed the Federal Reserve's FedNow Service certification and readiness program. The company manages approximately $2 trillion in annual invoices for roughly 100 million customers worldwide.
Planned applications include instantly payable invoices through QuickBooks, real-time payroll, and on-demand bill pay. Intuit says invoice settlement times will decrease by up to four times compared to current processing.
Mark Gould, Chief Payments Executive for Federal Reserve Financial Services, said the certification demonstrates how organizations are driving innovation across the payments ecosystem. Intuit has not disclosed a specific launch date for the FedNow-enabled features.