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.
Through the FedNow Community, industry leaders with varied expertise can participate in the interactive payments community to help inform and evolve the development of the FedNow Service in several areas:
If you have questions about the FedNow Community, please email SYSFedNowCommunity@chi.frb.org.
The Federal Reserve Banks formed the FedNow Community group for industry stakeholders interested in providing insights to help inform and evolve the development of the FedNow Service. We encourage a broad industry participation including banks, processors/aggregators, vendors, fintechs, etc.
In the spirit of contributing to FedNow success, members are encouraged to be active participants in the community. Time commitment will vary by engagement. Some efforts may require a long-term focus, while others may be much shorter in duration. The Federal Reserve recognizes that members’ availability may change throughout the engagement.
As a member of the Community we ask that you stay engaged and provide us with your input when requested to help inform the design and implementation of the service and product roadmap. Engagements may include focus groups, surveys, 1:1 conversations, virtual webinars and more. Your interests, expertise and availability will all be contributing factors in determining your level of engagement. Working groups on specific topics will vary in time commitment, duration, and objectives.
Your participation in the FedNow Community will give you access to regular communications and updates regarding our progress in developing the FedNow service. Some examples of member benefits include:
Engagement may be voluntary or selective at times. Depending on the topic, we may seek targeted involvement from Community members whose backgrounds or areas of expertise fit the criteria for a specific engagement opportunity, or we may solicit an expression of interest from Community members when the criteria may apply to a wider member audience.
We will use a variety of channels including emails, conference calls or virtual webinars such as the kickoff webinar to engage with community members. Even after gathering and traveling become safer, face-to-face engagement is expected to be limited, potentially planned for key strategic milestones, in-depth working sessions or industry conference interactions.
If you have questions on the FedNow Community, please email SYSFedNowCommunity@chi.frb.org.