WASHINGTON—The Federal Reserve has launched a community to obtain insights from payments industry experts and stakeholders as the Fed continues work on its instant payment offering, the FedNow Service.
Despite the coronavirus pandemic, the Fed said it's still on track to launch the FedNow Service in 2023 or 2024.
The FedNow Community is open to individuals who are interested in committing time and expertise to contribute to the success of the FedNow Service. The Fed will obtain insights by hosting focus groups, work groups, conference calls, virtual meetings, surveys, and more.
Those interested in applying can submit this profile form and detail relevant experience, expertise, and their organization's role in faster payments.
NAFCU noted it has shared with the Fed ways in which credit unions and their members would benefit from affordable faster payments capabilities as it encouraged an accelerated launch.