As the Federal Reserve proceeds with development of its upcoming instant payment offering, the FedNow Service, we continue to collaborate with industry stakeholders to gain input on priority features and functionality of the new service. Now, we’re going one step further with the formation of a new FedNow Community for individuals who are interested in committing time and expertise to the development of the FedNow Service.
The Federal Reserve seeks active participation from a variety of organizations that will represent the key constituents of the FedNow Service ecosystem. Interested individuals should submit the FedNow Community participant profile form, detailing relevant experience, expertise and their organization’s role in faster payments. Over the course of developing the FedNow Service, the Federal Reserve will call upon the group, either the entire membership or specific members with needed expertise, to provide insights via focus groups, work groups, conference calls, meetings, surveys and other channels. Even after gathering and traveling are safe again, face-to-face meetings are expected to be limited to key strategic milestones. Enrolled members will receive an invitation to the FedNow Community kickoff webinar planned for this summer.