While the coronavirus continues to disrupt our personal and professional lives, we want to assure you that the Federal Reserve Banks remain committed to developing our upcoming instant payment offering, the FedNow Service. Our design work is progressing on schedule, and ongoing industry input is helping inform priority features and functionality. As we work to support the industry and our customers during this difficult time, we want to ensure that our collaboration continues on a virtual basis.
The Federal Reserve is seeking payments industry leaders with varied expertise to participate in an interactive payments community to help inform and evolve the development of the FedNow Service. The FedNow Community, which will be formed and led by the Federal Reserve, will:
- Inform the design of the service
- Influence the product development roadmap
- Provide insights on readiness or barriers for onboarding and implementation
- Consult on service features, technology and implementation plans as needed
- Receive regular updates on the FedNow Service and notification of any input opportunities
The Federal Reserve seeks active participation from a variety of organizations that will represent the key constituents of the FedNow Service ecosystem. The FedNow Community is open to individuals who are interested in committing time and expertise to contribute to the success of the FedNow Service. 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, virtual meetings, surveys and other channels. Even after gathering and travel are safe again, face-to-face meetings are expected to be limited to key strategic milestones. The information from your participant profile form will be used to solicit input and participation on efforts relevant to your interests, experience and expertise, as appropriate.
If you have the interest, expertise and willingness to commit to the FedNow Community, please submit the participant profile form, detailing relevant experience, expertise and your organization’s role in faster payments. Enrolled members will receive an invitation to the FedNow Community kickoff online webinar planned for this summer.
To learn more about the FedNow Service, please review the FedNow Service FRBservices.orgSM page, product sheet (PDF) and Frequently Asked Questions (Off-site). If you do not want to commit to the FedNow Community but would like to stay informed about the latest FedNow news, please submit our FedNow Service Interest Form (Off-site).