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