A key need for advancing instant payments adoption in the United States is to connect financial institutions and others with service providers that can help to fulfill the end-to-end instant payment ecosystem. To bridge this gap, the Federal Reserve today unveiled a new FedNow Service Provider Showcase (Off-site) with more than 70 – and counting – profiles of service providers that support instant payments.
“The enthusiastic response to our call for FedNow Service Provider Showcase submissions underscores the innovation happening across the industry as a result of instant payments,” said Connie Theien, senior vice president of industry relations for the Federal Reserve System. “The showcase provides financial institutions and others with a range of vendors that stand ready to help them plan for and implement the FedNow Service, which launches next year.”
The showcase participants reflect a wide range of instant payment solutions and providers from the Federal Reserve’s Ecosystem Accelerator Group (Off-site), an interest group within the FedNow Community for payment services providers. They include payment processors, core banking system providers, mobile and online banking platform providers, and other segments. Future service providers’ entries meeting submission guidelines and criteria (Off-site) will be added on a regular basis and highlighted in FedNow communications.
“There is no ‘one size fits all’ approach to instant payments, and flexibility surrounding planning, implementation and adoption is a critical component of the service. We are committed to collaborating with the industry to develop an ecosystem that will support the end-to-end instant payments experience, and the showcase suggests we’re off to a good start.”
Senior vice president and FedNow Service business executive
The Service Provider Showcase will be open for new submissions through the launch of the FedNow Service in 2023, and beyond. For more information and other instant payment resources, visit FedNow Explorer (Off-site).