Inclusive industry engagement and transparency are the hallmarks of the FedNow Service design, development and implementation strategy. On May 6, the Federal Reserve marked one year of the FedNow Community, which was formed to engage payments industry leaders with varied expertise interested in providing insights to help inform and evolve the development of the FedNow Service.
Despite a challenging year, collaboration occurred via virtual events and channels, including webinars, town halls, roundtable sessions, conference calls, focus groups, working groups, surveys and polling opportunities. All these engagements provided great insight as we plan for the implementation of the FedNow Service, which, so far, include:
- Expressing preference to stay true to the ISO® 20022 standard and align to best practices
- Validating the reconcilement tools offering for FedNow Release 1
- Emphasizing the need for a consumer directory
- Highlighting the importance of back-end systems integration to support 24/7 instant payments processing
- Providing 14 new topic considerations for future Community communications and events
Input and feedback from Community members continues to be critical to ensure the development of the FedNow Service meets the market needs. Community leaders are planning upcoming events and content to support the interests and needs of the group. Upcoming events include working group engagements, educational series, pilot program readouts, round table discussions and town halls featuring pilot program updates and live Q&A.
Not a part of the Community yet?
Joining the Community offers the exclusive opportunity to have a direct impact on the development of the FedNow Service and learn from industry peers while staying up to date on the latest FedNow developments. If you have the interest, expertise and willingness to commit time to the FedNow Community, please submit the participant profile form (Off-site). The information from your participant profile form will be used to solicit input and participation on efforts based on relevant experience, expertise and your organization’s role in instant payments, as appropriate.
“ISO” is a registered service mark of the International Organization for Standardization.