Progress and Next Steps with FedNowSM Service
Payments industry stakeholders attending the April 20 Nacha Payments 2020 Remote Connect virtual event received an update on the FedNow Service, the Federal Reserve’s instant payment solution.
Engage on Instant Payments: Join the FedNowSM Community
The Fed 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.
Collaboration in Action: Federal Reserve Joins U.S. Faster Payments Council
Today, the Federal Reserve System announced it has joined the U.S. Faster Payments Council (FPC) (Off-site) as a founding sponsor. As a member, we’ll actively participate in the FPC’s work to facilitate faster payments in the United States, enabling Americans to securely pay anyone, anywhere, at any time with near-immediate …
A View From Around the Tables at Money20/20
Collaboration with payments industry stakeholders continues to be one of the five key tenets of the Federal Reserve’s payments improvement initiatives and a vital component of achieving safe, ubiquitous and faster payments in the United States. Most recently, our collaboration occurred through a series of FedPayments Improvement roundtable sessions during …
Payments Trends and Takeaways from Money20/20
By Tim Boike, Vice President, Industry Relations Four short days. More than 11,000 attendees, 3,500 organizations and 500+ speakers from the payments, fintech and financial services sectors. Plus, a Federal Reserve exhibit booth in the middle of it all. Yes – it’s the Money20/20 USA conference (Off-site) – a major …
Five Ways to Learn More about the FedNowSM Service
Want to learn more about the FedNowSM Service? Are you ready to share your feedback on the Federal Register notice before the November 7 deadline? We’ve pulled together our list of resources to help you better understand the Federal Reserve Board’s announcement to build and operate the FedNow Service (Off-site) …
Progress in Advancing the U.S. Payment System
It’s been nearly five years since the Federal Reserve published the Strategies for Improving the U.S. Payment System (SIPS) paper, a seminal work in guiding the nation’s payment industry toward a faster, safer and more efficient payment system in the United States. A lot has happened in those five short …
Register Now for the FedPayments Improvement Roundtables at Money 20/20!
Engaging with payments stakeholders is an important part of the Federal Reserve’s leader catalyst role within the payments industry, and a vital step toward achieving safe, ubiquitous and faster payments in the United States. Some of our best opportunities to hear from industry leaders come from our in-person gatherings. Our …
Q&A With Ken Montgomery, Our New FedNowSM Service Program Executive
As announced in August, the Federal Reserve is developing a new, round-the-clock real-time payment and settlement service to support faster payments in the United States. Leading this important initiative is Federal Reserve veteran Ken Montgomery. Two weeks into his new job, Ken shares his thoughts about the path ahead. Why …
The decision is in: The Federal Reserve Banks will develop the FedNowSM Service, a new 24x7x365 real-time gross clearing and settlement service
Last fall, the Federal Reserve Board requested comment on potential actions the Fed could take to facilitate interbank settlement of faster payments. After conducting an assessment of the public comments and policy criteria regarding the Fed’s role in the payment system, the Board has decided that the Federal Reserve Banks …