View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
May 7, 2020

US Federal Reserve sets up new community for upcoming instant payment offering

The US Federal Reserve has created a new group to advise on its planned faster payments service, the FedNow Service.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

FedNow is the new round-the-clock real-time payment and settlement service to support faster payments in the US. The service is modelled on the lines of the Unified Payments Interface (UPI) framework used in India.

Dubbed FedNow Community, the group will provide input on desired service features, technology and implementation plans related to the development of FedNow Service.

The US Federal Reserve said the FedNow Service will be launched in 2023 or 2024 as per schedule in spite of the uncertainties created by the coronavirus global health crisis.

Federal Reserve Bank of Boston first vice president and COO and FedNow program executive Kenneth Montgomery said: “While we work to support the industry and our customers during this difficult time, we want to ensure that our collaboration with industry stakeholders on FedNow features and functionality continues on a virtual basis.

“The FedNow Community will help influence FedNow Service design and our development roadmap by providing input on desired service features, technology and implementation plans.”

The Federal Reserve noted that it seeks participation from various organisations that will represent the key constituents of the FedNow Service ecosystem.

The newly formed community is open to individuals who can dedicate time and expertise to develop the proposed payment and settlement service.

“Interested individuals should submit the FedNow Community participant profile form, detailing relevant experience, expertise and their organisation’s role in faster payments,” the US Federal Reserve said in its press statement.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International