Announcing the FedNowSM Pilot Program participants
On January 25, 2021, the Federal Reserve announced that more than 110 organizations from the FedNow Community will participate in the FedNow Pilot Program. 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.
“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.”
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.
In response to this broad interest, the Federal Reserve is creating an “ecosystem participant” program beginning later in 2021. Among other activities, ecosystem participants will provide feedback on specific features and use cases and help support end-to-end testing of solutions leveraging the FedNow Service, in coordination with corresponding financial institution partners. Their participation is expected to help drive adoption, innovation, and breadth and depth of end-user solutions over time. Additional details will be announced soon.
Organizations that won’t be participating in the program will continue to have opportunities to provide input into the FedNow Service through their involvement in FedNow Community roundtables, working groups and surveys and may elect to become an early user of the service upon general availability. Join the Community to receive more information on the FedNow Service and upcoming engagement opportunities.
If you have any questions related to the pilot program or the Community, please email SYSFedNowCommunity @chi.frb.org.
Organizations announcing participation in the FedNow Pilot Program*
- 1st Source Bank
- ACI Worldwide Corp.
- Alacriti Payments LLC
- Alloya Corporate Federal Credit Union
- American Bank
- American Express National Bank
- American Savings Bank
- American State Bank
- Aptys Solutions
- Arvest Bank
- Atlantic Community Bankers Bank
- Bank of Hawaii
- Bankers' Bank
- Bankers' Bank of Kansas
- Bankers' Bank of the West
- BMO Harris Bank
- BNY Mellon
- BOC Bank
- Bridge Community Bank
- Bryant Bank
- C&N
- Capital One Financial
- Catalyst Corporate Federal Credit Union
- CGI Technologies and Solutions, Inc.
- Citi
- Citizens Bank of Las Cruces
- Citizens National Bank
- Clear Mountain Bank
- Commerce Bank
- Community Bankers' Bank
- Computer Services Inc.
- ConnectOne bank
- Consumers Credit Union
- Corporate America Credit Union
- Corporate Central Credit Union
- Corporate One Federal Credit Union
- Cross River Bank
- DHI Computing Service Inc. DBA FPS GOLD
- Eastern Corporate Federal Credit Union
- ECS Fin Inc.
- Exchange Bank
- Excite Credit Union
- F&M Bank
- Fairwinds Credit Union
- Farmers Insurance Federal Credit Union
- FIS
- Finastra
- Finxact
- Finzly
- First Bank
- First Citizens State Bank
- First Foundation Bank
- First Hawaiian Bank
- First Internet Bank of Indiana
- First National Bankers Bank
- First Republic Bank
- FirstBank
- Fiserv Solutions, LLC
- Form3
- Freedom Bank
- Goldman Sachs
- Green Dot Bank
- HawaiiUSA Federal Credit Union
- Heritage Bank
- High Plains Bank
- Horicon Bank
- INB, N.A.
- Independent Community Bankers’ Bank
- Jack Henry & Associates
- JP Morgan Chase
- Juniper Payments
- Lakeview Bank
- Mediapolis Savings Bank
- Mercantile Bank of Michigan
- Michigan State University Federal Credit Union
- Midwest Independent Bankers Bank
- Millennium Corporate Credit Union
- ModusBox, Inc.
- North American Banking Company
- North Salem State Bank
- NorthCountry Federal Credit Union
- Oakworth Capital Bank
- Open Payment Network
- Pacific Coast Bankers' Bank
- Penn State Federal Credit Union
- Peoples National Bank, N.A.
- Premier Bank
- Q2 Software, Inc.
- Quad City Bank & Trust
- Regions Bank
- Salem Five Bank
- Service One Credit Union
- SHAZAM, Inc.
- Silicon Valley Bank
- Square Financial Services, Inc.
- Star One Credit Union
- TD AMCB
- Temenos Headquarters S.A.
- Texas Brand Bank
- Texas First Bank
- The Bankers Bank
- The Callaway Bank
- The Citizens Bank of Edmond
- TIB The Independent BankersBank, NA
- Tri Counties Bank
- U.S. Bank
- U.S. Department of the Treasury’s Bureau of the Fiscal Service
- UMB Bank, n.a.
- United Bankers' Bank
- University Bank
- University of Michigan Credit Union
- Vantage Bank Texas
- Veridian Credit Union
- Vizo Financial Corporate Credit Union
- Volante Technologies, Inc.
- Volunteer Corporate CU
- VSoft Corporation
- Waldo State Bank
- Wells Fargo Bank, N.A.
- Westside State Bank