FedNow user group launched

The aim of the FedNow User Group is to enable regular exchange between FRFS and FedNow participants in order to promote innovation and inform further development of the service.

“The strong adoption and engagement around the FedNow service reflects our collaboration with the industry from day one, and this remains a priority as we pursue our shared mission of ubiquitous availability of instant payments,” said Mark Gould, Chief Payments Executive of Federal Reserve Financial Services. “This new user group provides institutions in the network and service providers that support them the opportunity to advise on new developments that will further increase the value of the FedNow service for all participants.”

Following the service’s launch in July 2023 with 35 participating institutions, adoption and network volume of the FedNow service continues to grow as participants enable instant payment processes, identify in-demand use cases, and increase their customers’ awareness of instant payment products and services.

Through the FedNow User Group, all participating financial institutions and their service providers can gain detailed insight into ongoing service improvements and share feedback on future development through working groups, roundtables and webinars. The FedNow User Group is also focused on identifying innovative use cases to help businesses and consumers seeking faster, more efficient ways to send and receive payments to meet a variety of needs.

The use cases currently enabled by FedNow participants are increasing and include account-to-account payments, digital wallet funding, instant insurance payouts, and business-to-business payments.