According to the press release, the Federal Reserve Banks are developing the FedNow Service to facilitate the nationwide reach of instant payment services at any time by FIs, regardless of size or geographic location. Via the programme, the participating FIs, businesses, and individuals can send and receive instant payments, with full access to funds in near real-time, allowing them to make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine network, which serves more than 10,000 financial institutions.
As part of the FedNow pilot programme, Temenos will help shape the product’s features and roadmap, provide input into the overall user experience, and ensure readiness for testing.
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