FedNowSM Community
Join the community
As the Federal Reserve proceeds with development of its upcoming instant payment offering, the FedNow Service, we continue to collaborate with industry stakeholders to gain input on priority features and functionality of the new service.
Through the FedNow Community, industry leaders with varied expertise can participate in the interactive payments community to help inform and evolve the development of the FedNow Service in several areas:
- Design of the service and product development roadmap
- Readiness for onboarding and implementation
- Technology and implementation plans
If you have questions about the FedNow Community, please email SYSFedNowCommunity@chi.frb.org.
Frequently Asked Questions
- Who should sign up to be a part of FedNow Community?
The Federal Reserve Banks formed the FedNow Community group for industry stakeholders interested in providing insights to help inform and evolve the development of the FedNow Service. We encourage a broad industry participation including banks, processors/aggregators, vendors, fintechs, etc.
- What level of commitment is needed to be part of the Community?
In the spirit of contributing to FedNow success, members are encouraged to be active participants in the community. Time commitment will vary by engagement. Some efforts may require a long-term focus, while others may be much shorter in duration. The Federal Reserve recognizes that members’ availability may change throughout the engagement.
- What are some of the engagement opportunities members will have?
As a member of the Community we ask that you stay engaged and provide us with your input when requested to help inform the design and implementation of the service and product roadmap. Engagements may include focus groups, surveys, 1:1 conversations, virtual webinars and more. Your interests, expertise and availability will all be contributing factors in determining your level of engagement. Working groups on specific topics will vary in time commitment, duration, and objectives.
- What are the member benefits and expectations?
Your participation in the FedNow Community will give you access to regular communications and updates regarding our progress in developing the FedNow service. Some examples of member benefits include:
- Exclusive invitations to events
- “First to Know” member communications on our progress and important news, and
- Opportunities to engage in discussions and working groups to inform our plans, and provide insights on key topics. We will do our best to target appropriate audiences for these opportunities. Some will go to all members to seeking particular perspectives or expertise.
- Are participation opportunities for Community members voluntary or nominated by the Federal Reserve?
Engagement may be voluntary or selective at times. Depending on the topic, we may seek targeted involvement from Community members whose backgrounds or areas of expertise fit the criteria for a specific engagement opportunity, or we may solicit an expression of interest from Community members when the criteria may apply to a wider member audience.
- What travel is expected for the participation in the Community?
We will use a variety of channels including emails, conference calls or virtual webinars such as the kickoff webinar to engage with community members. Even after gathering and traveling become safer, face-to-face engagement is expected to be limited, potentially planned for key strategic milestones, in-depth working sessions or industry conference interactions.
If you have questions on the FedNow Community, please email SYSFedNowCommunity@chi.frb.org.