Trending...
- DCA Virtual: Two Decades Since the SBA Has Been Reauthorized – Is This the Year?
- TRICOCI UNIVERSITY OF BEAUTY CULTURE NAMED BEST BEAUTY SCHOOL IN THE COUNTRY
- Universal Sequencing Technology Corporation Launches High-Throughput Solution For Microbial WGS Library Preparation
CHICAGO--(BUSINESS WIRE)--The Federal Reserve Banks today announced and invited expressions of interest in a pilot program for their upcoming instant payments offering, the FedNow Service.
The opportunity to participate in the pilot program is open to eligible members of the FedNow Community, comprised of more than 700 members that have expressed their commitment to the success of the service. Community members selected to participate in the pilot will play a key role in supporting the development, testing and adoption of the FedNow Service.
"Thanks to industry input we have a strong foundation with our initial service design and are now in the next phase of development designing enhanced features and functionality," said Nick Stanescu, senior vice president and FedNow business executive with responsibility for product management. "We are eager to engage a group of pilot participants who will work side by side with us as we develop a service that meets stakeholder needs and can support rapid adoption by thousands of financial institutions."
The pilot program will include three phases: advisory, testing and closed-loop production. Throughout each of these phases and the subsequent launch of the FedNow Service, the Federal Reserve will call upon the entire group or subgroups of pilot participants – for example, those with specific expertise and/or representing specific segments – to participate in discussions or demos, test the service, engage service providers or users, and conduct other activities as needed. The pilot program will promote development and testing of services that leverage FedNow capabilities to address a variety of consumer and business use cases.
More on illi News
Over the coming weeks, the Federal Reserve will accept expressions of interest in the pilot program from eligible members of the FedNow Community, including financial institutions, as well as service providers and payment processors that partner with financial institutions.
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.
Interested organizations that are not members of the FedNow Community should first enroll by submitting the FedNow Community participant profile form. Enrolled Community members will receive more information on the pilot program, the program's expression of interest form and an invitation to join a webinar later this month.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – in near real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FRBservices.org.
More on illi News
The Financial Services logo, "FedNow," "FRBservices.org and "FedLine" are service marks 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.
The opportunity to participate in the pilot program is open to eligible members of the FedNow Community, comprised of more than 700 members that have expressed their commitment to the success of the service. Community members selected to participate in the pilot will play a key role in supporting the development, testing and adoption of the FedNow Service.
"Thanks to industry input we have a strong foundation with our initial service design and are now in the next phase of development designing enhanced features and functionality," said Nick Stanescu, senior vice president and FedNow business executive with responsibility for product management. "We are eager to engage a group of pilot participants who will work side by side with us as we develop a service that meets stakeholder needs and can support rapid adoption by thousands of financial institutions."
The pilot program will include three phases: advisory, testing and closed-loop production. Throughout each of these phases and the subsequent launch of the FedNow Service, the Federal Reserve will call upon the entire group or subgroups of pilot participants – for example, those with specific expertise and/or representing specific segments – to participate in discussions or demos, test the service, engage service providers or users, and conduct other activities as needed. The pilot program will promote development and testing of services that leverage FedNow capabilities to address a variety of consumer and business use cases.
More on illi News
- GP GLOBAL GROUP Secures $18M Sale of Shoppes at 41st Street Retail Plaza in Doral, Florida, with $11.5M CMBS Loan Assumption
- HLN's Immunization Calculation Engine (ICE) is continually updated to support new COVID-19 recommendations
- Aloha Poke Co. Opens Its Next Chicago-area Location
- Rewilding Ireland with Lord Dunsany and IrishTrees
- The Tokyo Rebels Announces the Release of Their Groundbreaking Whitepaper
Over the coming weeks, the Federal Reserve will accept expressions of interest in the pilot program from eligible members of the FedNow Community, including financial institutions, as well as service providers and payment processors that partner with financial institutions.
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.
Interested organizations that are not members of the FedNow Community should first enroll by submitting the FedNow Community participant profile form. Enrolled Community members will receive more information on the pilot program, the program's expression of interest form and an invitation to join a webinar later this month.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – in near real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FRBservices.org.
More on illi News
- Armadillos with Benefits™ - PicPocket-Labs, Inc. details its plans/roadmap at SxSW for combining "location-based NFTs" and loyalty programs
- Microsoft-Backed HRtech Startup ZingHR Invests In SaaS Startup LokiBots
- Nearly Two-Dozen Websites, Facebook Pages Turned Over To Watchdogs –
- World Sleep Day, why do we celebrate?
- HGR Alcohol Detox Centers in San Diego Accepts Most Health Insurances
The Financial Services logo, "FedNow," "FRBservices.org and "FedLine" are service marks 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.
Filed Under: Business
0 Comments
Latest on illi News
- AdvisorVault Partners With Compliant Workspace to Help FINRA Firms Achieve 17a-4 Compliance on Microsoft 365
- Brighton Health Plan Solutions Michelle Zettergren to Speak at 2023 ACHE Congress on Healthcare Leadership
- The New Real Estate "Just Looking" Program Is A Big Hit With Atlanta Area Residents!
- Introducing Music360, the New Social Music Streaming App
- Various Measures Introduced to and Approved by the Chicago City Council
- Marsha Gay Reynolds Shares Insights on In-Home Care Post-Pandemic
- Things to Consider When Hiring an SEO Consultant
- Hiring a SEO Agency to Increase Sales
- Zebra Technologies Appoints Rob Armstrong as Chief Marketing Officer
- IOTech announces a new release of Edge Xrt, its high performance data connectivity solution for industrial systems
- ANIMAL RIGHTS PROTEST at The Animal Foundation of Las Vegas
- Graphis to Publish Kit Hinrichs' New Book: Narrative Design
- Celebrating 5 years of Asorock Watches: A Chicago based, Black-Owned luxury watch company
- TRICOCI UNIVERSITY OF BEAUTY CULTURE NAMED BEST BEAUTY SCHOOL IN THE COUNTRY
- The expansion continues at Right Cars Global Rentals as it officially announces its opening in the Dominican Republic
- Buona and Rainbow Cone Announce First Dual-Concept Location in Indiana
- King Me: Loving and Leading in a Wounding World Releases March 15, 2023
- The Official Drink Of Juneteenth Atlanta 2023
- DCA Virtual: Two Decades Since the SBA Has Been Reauthorized – Is This the Year?
- Fairway Private Equity & Venture Capital Opportunities Fund Announces First Year Results