Faster Payments

Federal Reserve Announces Creation of FedNowSM Pilot Program

The Federal Reserve has formed a pilot program to support the development, testing and adoption of the FedNow Service. The FedNow Pilot Program continues efforts to foster industry partnerships in support of the FedNow Service.

The pilot program will be conducted in three phases: advisory, testing and closed-loop production. Through the progression of the phases and to service launch, the Federal Reserve will call upon either the entire group of pilot participants or subgroups – those with specific expertise and/or representing specific segments – to participate in discussions, demos, test the service and conduct other activities as needed.

The Federal Reserve is accepting expressions of interest for participation in the pilot program from eligible members of the FedNow Community (Off-site), including financial institutions, as well as service providers and payment processors that partner with financial institutions.

Interested organizations that are not members of the FedNow Community (Off-site) should first enroll by submitting the FedNow Community participant profile form (Off-site). Enrolled Community members will receive more information, the pilot program expression of interest form and an invitation to the FedNow Pilot Program webinar planned for later this month.

If organizations are interested in participating in the FedNow Pilot Program, please submit the expression of interest form by Nov. 16 to be considered. Participants will be selected from the pool of interested organizations, seeking to ensure the program is representative of various types of institutions and service providers, connection types, and settlement arrangements.

Additional participants may be added in later phases of the program to address evolving needs. Organizations that are not selected will have opportunities to provide input into the FedNow Service through their participation in FedNow Community roundtables, working groups and surveys and may elect to become an early user of the service upon general availability.

To learn more about the FedNow Community, visit FedNow.org (Off-site). If you have any questions about the community or the pilot program, please email us at SYSFedNowCommunity@chi.frb.org.

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