Fed creates pilot program for FedNow instant payments

Thursday 22 October 2020 11:03 CET | News

The Federal Reserve has announced the creation of the FedNow Pilot Program to support development, testing and adoption of the FedNow Service. 

Over the coming weeks, the Federal Reserve will accept expressions of interest in the pilot program from eligible members of the FedNow Community, including financial institutions, as well as service providers and payment processors that partner with financial institutions.

The pilot program will include three phases: advisory, testing and closed-loop production. Throughout each of these phases and the subsequent launch of the FedNow Service, the Federal Reserve will call upon the entire group or subgroups of pilot participants – for example, those with specific expertise and/or representing specific segments – to participate in discussions or demos, test the service, engage service providers or users, and conduct other activities as needed.

Interested organisations that are not members of the FedNow Community should first enroll by submitting the FedNow Community participant profile form. Enrolled Community members will receive more information on the pilot program, the program’s expression of interest form and an invitation to join a webinar later this month.

Organisationsinterested in participating in the FedNow Pilot Program can submit the expression of interest form by November 16 to be considered. Participants will be selected from the pool of interested organisations, seeking to ensure the program is representative of various types of institutions and service providers, connection types, and settlement arrangements.


Additional participants may be added in later phases of the program to address evolving needs. Organisations that are not selected will have opportunities to provide input into the FedNow Service through their participation in FedNow Community roundtables, working groups and surveys and may elect to become an early user of the service upon general availability.


More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Federal Reserve, instant payments, FedNow Pilot Program, US
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech