The Federal Reserve Banks announced (Off-site) that more than 110 organizations are participating in the pilot program for the FedNowSM Service. 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. A key objective when forming the pilot was to ensure diverse representation across financial institutions and service providers, connection types, settlement arrangements and experience levels.
To view the list of organizations (Off-site) that have announced their participation, visit FedNow.org. 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 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 regarding the ecosystem participant program will be shared with the FedNow Community (Off-site) when they are available.
“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.