CBLC will help shape the FedNow Service's features and functions, provide input into the overall user experience, ensure readiness for testing, and be one of the first to experience the service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches, and overall instant payments strategy.
The FedNow Service will provide a payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the instant payments to communities across the country.
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