The US Federal Reserve has created a new group to advise on its planned faster payments service, the FedNow Service.
FedNow is the new round-the-clock real-time payment and settlement service to support faster payments in the US. The service is modelled on the lines of the Unified Payments Interface (UPI) framework used in India.
Dubbed FedNow Community, the group will provide input on desired service features, technology and implementation plans related to the development of FedNow Service.
The US Federal Reserve said the FedNow Service will be launched in 2023 or 2024 as per schedule in spite of the uncertainties created by the coronavirus global health crisis.
The Federal Reserve noted that it seeks participation from various organisations that will represent the key constituents of the FedNow Service ecosystem.
The newly formed community is open to individuals who can dedicate time and expertise to develop the proposed payment and settlement service.
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