Progress Update: FedNowSM Pilot Program
Since the official program launch in early 2021, the FedNow Pilot Program has seen noteworthy collaboration and engagement from 120 participating financial institutions and processors. As members of the broader FedNow Community, pilot participants reflect a diverse group of organizations of all sizes from a wide range of geographic locations and market segments.
As part of the program, pilot participants attend two sessions each month in addition to optional discussions offered by FedNow Service subject matter experts. Currently in the initial Advisory Phase, the pilot program curriculum has focused on a detailed overview of foundational topics, including:
- FedNow Service launch features and roadmap plans
- Technical deep dive for connecting and integrating with the service
- ISO® 20022 messaging specifications for the FedNow Service
- Targeted overview of FedNow profiles for service providers such as processors, bankers’ banks and credit unions
- FedNow Service Readiness Guide
- How to operationalize liquidity management transfers
- Onboarding to the FedNow Service
In addition to hearing comprehensive information on each topic, participants have the opportunity to collaborate with other member organizations and the FedNow Service team to provide feedback, ask questions and share insight during each session.
Currently, FedNow Pilot Program participants are contributing to the development of the FedNow Service Readiness Guide, an educational resource to support organizations on their journey to implement instant payment capabilities, by reviewing an early draft of the guide and proposing additional topics or edits for consideration. In the coming months, FedNow Community members will also have an opportunity to provide insight on the content before it is shared more broadly with the industry. Later this year, program participants will begin planning and preparation for the Testing Phase of the program.
We will continue sharing periodic updates with the industry on FedNow Pilot Program efforts as we refine our broader industry readiness strategy, expand ongoing education initiatives, and continue working toward service implementation and adoption. To learn more about the FedNow Service, join the FedNow Community or sign up to receive FedNow emails.
“ISO” is a registered service mark of the International Organization for Standardization.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.