The Federal Reserve Banks today announced that more than 110 organizations are participating in the pilot program for their upcoming instant payments offering, the FedNow Service.
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The program will support development, testing and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality. A key objective in selecting participants for the pilot was to ensure diverse representation across financial institutions and service providers, connection types, settlement arrangements and experience levels.
“We’re gratified by the industry’s tremendous interest and willingness to devote time and energy to help us develop the FedNow Service,” said Esther George, president and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the Federal Reserve’s payments improvement initiatives. “As a result, we’ve adjusted to accommodate more participants than we originally planned.”
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To view the list of organizations that have announced their participation, visit FRBservices.org. Through their involvement in the FedNow Pilot Program, participating financial institutions and processors will help shape the product’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow 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.
In addition to expressions of interest from eligible financial institutions and processors, the Federal Reserve received more than 80 submissions from organizations that provide payment systems and services for financial institutions and end users or that are interested in implementing instant payments to meet business or consumer needs.
