(3 May 2022 – United States) The Federal Reserve has started onboarding pilot for its new instant payment system FedNow, ahead of a full launch next year.
A few organisations have already successfully connected and delivered test messages over a pilot version of the service.
Over the coming months, pilot organisations will continue onboarding with the service, establishing connectivity and performing technical and operational tasks that will lay the groundwork for full-scale, end-to-end testing later in 2022.
Several new organisations that have recently joined the FedNow Pilot Program include Square Financial Services and Q2 Holdings. The program now has more than 120 participants.
“Though much work remains, this progress sets the stage for thousands of financial institutions to be up and running with instant payments in the near future, including those that work with third-party payment providers,” said FedNow Service senior vice president and business executive Nick Stanescu.