Fed launches website, tools in preparation for FedNow

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The Federal Reserve has deployed new resources to deliver education, readiness and ecosystem innovation for instant payments, according to a press release on Wednesday, October 20.

New instant payment tools include the FedNow Explorer website, an experiential platform designed to educate and engage financial institutions (FIs) and service providers to help with instant payment, the release said. The website will provide them with a variety of learning options, including guided or self-guided options.

There is also the Ecosystem Accelerator Group, which functions as a “user group” for payment processors, major providers of banking systems, mobile and online banking platforms, payment centers and gateways, according to the press release. These groups will have the opportunity to influence the design of the FedNow service, participate in programs that meet the needs and interests of solution developers, ask technical questions and obtain answers.

The addition of the Service Provider Showcase will support the end-to-end development of Instant Payments, allowing service providers to show off their technical and advisory capabilities related to Instant Payments, the statement said.

Service providers will have the option to submit information and solutions for wider exposure to the FedNow Explorer site in early 2022, the statement said.

“End users have accelerated their use of digital payments, including instant payments,” said Shonda Clay, head of customer and industry engagement at the Federal Reserve. “The Federal Reserve is offering new tools to help payments players better understand and approach this market, including providing training on instant payments and helping them prepare to adopt the FedNowSM service for instant payments when it comes to market. launch in 2023. “

The Federal Reserve has also worked to accelerate digital payment adoption through new standards for electronic transfer data, enabling the creation of a virtual network for electronic invoice delivery.

Read more: Federal Reserve pushes digital payments standards to drive adoption

So far, 73 organizations are participating in the payment industry’s efforts to enable more electronic invoice exchanges. Forty-two others have done the same for the electronic delivery of remittances.

Clay said the work “will catalyze the modernization of B2B payments and shape the future of the payments industry.”

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