FedNowSM Community Working Groups
Community members have opportunities to engage with the Federal Reserve FedNow team depending on their interests, expertise and available time. One of the avenues for participation is working groups, which are short-term teams convened to focus on specific FedNow development tasks or challenges. You can find the latest information and news about working groups below.
Frequently Asked Questions
- How do you join a working group?
Community members will receive working group announcements and expression of interest requests outlining specific participation criteria. The Fed reserves the right to be selective in working group membership to ensure there is the right mix of expertise at the table.
- Are there any specific protocols for working groups?
Operating guidelines for a given working group will be disclosed to you during the early stages of that group’s formation.
- Are participation opportunities for Community members voluntary or nominated by the Federal Reserve?
All Community activities, working groups and engagement opportunities are voluntary. Many of the opportunities, such as invitations for surveys, events and calls for expression of interest for our working groups will be shared with all Community members via our communications. Certain topics or engagement opportunities may require specific expertise and perspectives. In these cases, we may actively select or recruit those who fit the criteria.
- What is the level of time commitment necessary to join a working group?
Working groups will vary in duration and time commitment depending on topic and objectives. We will do our best to set expectations appropriately upfront.
- A2A Brokerage Roundable Recap
- The Federal Reserve recently hosted a roundtable for brokerage firms interested in learning about the FedNow Service account-to-account (A2A) use case and to further engage the firms on the Service release.
- FedNow Fraud Working Group Update
- In Spring 2021, the Federal Reserve held a series of working group sessions on proposed fraud mitigation capabilities for the FedNow Service.
- Capabilities at Launch Webinar Recap
- On May 19, 2021, the FedNow Service product team held a 60-minute webinar for Community members.
- Federal Reserve Seeks Fraud Professionals for an Upcoming Working Group
- The Federal Reserve is seeking payment and fraud experts from financial institutions, including correspondent banks, to participate in a short-term working group focused on fraud prevention capabilities that are being evaluated as a product offering by the FedNow Service.
- Federal Reserve Invites Experts to Join the FedNow Service Brokerages Roundtable Event
- The Federal Reserve invites brokerages and investment management firms to discuss account-to-account (A2A) and instant payment opportunities during a roundtable event on June 2 at 1 p.m. ET. This roundtable is part of the FedNow Community A2A series.
- FedNow Service: Capabilities at Launch Webinar
- Join our webinar, FedNow Service: Capabilities at Launch, on Monday, May 19 at 1 p.m. ET to learn about the initial features and functionality as well roadmap plans for the FedNow Service.
- FedNow Community Bill Pay Collaboration Update
- In October, the Federal Reserve held two roundtable discussions where financial institutions contributed their ideas and expertise to the vision for bill pay functionality relating to instant payments.
- Federal Reserve Nears Completion of Industry Engagement on FedNowSM ISO® 20022 Specifications
- The Federal Reserve is collaborating with industry participants to ensure the FedNow Service ISO 20022 specifications promote efficiency while meeting industry needs and expectations.
- Federal Reserve Seeks Feedback on Draft FedNow ISO 20022 Message Specifications
- Interested individuals/organizations will have an opportunity to review the proposed ISO 20022 message specifications and provide written feedback/survey responses directly to the FedNow team.
- FedNow Reconcilement Working Group Update Article
- The group has officially concluded its efforts to support planning and design for FedNow Service reconcilement activity.
- Webinar Recap: Delivering Instant Satisfaction with Bill Payments via FedNow
- The Federal Reserve recently hosted a webinar, “Delivering Instant Satisfaction with Bill Payments via FedNow”. Hear more, and watch the recorded session.
- FedNow ISO 20022 Working Group Update
- The FedNow ISO 20022 Working Group has made considerable progress reviewing draft specifications to validate payment message data fields and confirm the messages contain necessary information to support financial institution processes.
- Federal Reserve Seeks Experts for FedNow Service Bill Pay Roundtable Events
- The Federal Reserve invites financial institutions to join two roundtable sessions to discuss the current state of bill pay and its impact on development of an instant payments roadmap.
- Introducing FedNow Service Bill Pay Webinar: Delivering Instant Satisfaction with Bill Payments via FedNow
- Join our webinar, Delivering Instant Satisfaction with Bill Payments via FedNow, on Monday, Sept. 28 at 1 p.m. ET to officially kick off the FedNow Service Bill Pay series.
- Introducing FedNow Service Roundtables for Core & Payments Providers, Corporate Credit Unions and Bankers' Banks.
- The Federal Reserve will host market-specific roundtable sessions to inform and collect feedback on features and functionality of the FedNow Service. Sessions are geared toward product owners and operational or technology managers from core/payment providers, corporate credit unions and bankers’ banks.
- Federal Reserve launches FedNow ISO® 20022 Working group
- The FedNow ISO 20022 Working Group will kick off this July and obtain feedback from a diverse group of industry stakeholders to inform and refine the FedNow ISO 20022 message specifications.
- Federal Reserve convenes a FedNow Reconcilement Working Group
- The Federal Reserve is collaborating with payments industry leaders from large, medium and small financial institutions and from third-party processors who handle reconcilement on behalf of their customers to participate in a collaborative work effort to inform the FedNow Service. This Reconcilement Working Group, which will be formed and led by the Federal Reserve, will support planning and design work to facilitate FedNow Service reconcilement activity for financial institutions and their customers.