FedNow Service pilot programme onboards new participants

Tuesday 3 May 2022 12:15 CET | News

The Federal Reserve has began onboarding pilot participants onto the FedNow Service, signalling the initial testing phase.

A few organisations have already connected and delivered test messages over a pilot version of the FedNow Service, marking a milestone for the service, which remains on course to launch in 2023. These organisations satisfied pilot criteria surrounding instant payments readiness and expressed a desire to participate in early testing. In total, the FedNow Pilot Program now numbers more than 120 organisations. Over the coming months, pilot organisations will continue onboarding with the service, establishing connectivity and performing technical and operational tasks that will lay the groundwork for full-scale, end-to-end testing later in 2022.

Earlier in 2022, the Federal Reserve announced FedNow Service pricing details in addition to an online FedNow Service Provider Showcase to connect financial institutions and businesses looking to adopt the FedNow Service with service providers offering instant payments solutions. Organisations are encouraged to join the FedNow Community and visit for additional news and resources.

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions, regardless of size or geographic location, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them increased flexibility to manage their money and make time-sensitive payments.

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Keywords: instant payments, financial institutions, product upgrade, banks
Categories: Banking & Fintech
Companies: The Federal Reserve
Countries: United States
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Banking & Fintech

The Federal Reserve

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