Federal Reserve announces FedNowSM Pilot Program Participants

The Federal Reserve Banks today announced that more than 110 organizations are participating in the pilot program for their upcoming instant payments offering, the FedNow Service. The program will support development, testing and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality. A key objective in selecting participants for the pilot was to ensure diverse representation across financial institutions and service providers, connection types, settlement arrangements and experience levels. “We’re gratified by the industry’s tremendous … (full story)