Payments News

On The Web

nbsp;

Systems

Kansas City Fed’s George Says FedNow to Be Ready in 2023 | ABA Banking Journal

“Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system is now expected to be ready in 2023. In a conversation with American Bankers Association President and CEO Rob Nichols at ABA’s Annual Convention, George said the FedNow payment system will be delivered “sooner rather […]
nbsp; nbsp;

Systems

Fed Finds Businesses Eager for Faster Payments

“About 75% of U.S. businesses surveyed by the Federal Reserve last year said they expect to start using faster payments, or to make more use of them soon, with 90% of the big businesses on board for that change, according to a Fed report issued Tuesday . Still, fewer than 60% of micro businesses are likely to […]
nbsp; nbsp;

Systems

Why Wells Fargo and First Internet Are Test-driving FedNow

“Dozens of banks are gearing up for the Federal Reserve’s real-time payments system, which is expected to go live as early as 2023. More than 110 have signed up to test FedNow, including Wells Fargo and First Internet Bancorp in Fishers, Ind. Executives at these two early-adopters agreed to interviews about what they’re hoping to […]
nbsp;

Systems

Northern California Banks, Credit Unions to Test Faster Money Transfers

“The Federal Reserve has launched a two-year pilot program, called FedNow, designed to make the clearing and settlements process faster, cheaper and more convenient for individuals and businesses by speeding payments to recipient. Five regional banks are among those participating in the program… In Northern California, the list of pilot participants includes First Republic Bank, […]

On The Wires

nbsp; nbsp;

Systems

Progress Update: FedNow Pilot Program

“Since the official program launch in early 2021, the FedNow Pilot Program has seen noteworthy collaboration and engagement from 120 participating financial institutions and processors . As members of the broader FedNow Community, pilot participants reflect a diverse group of organizations of all sizes from a wide range of geographic locations and market segments. As […]
nbsp;

Systems

FedNow Features: Flexible Participation Types

“The FedNow Service will provide financial institutions an innovative platform they can use to unlock instant payment use cases and create new solutions they can offer to individual and business customers. Making the FedNow Service accessible to financial institutions of all sizes is a top priority of the Federal Reserve Banks. To help make this […]
nbsp;

Systems

Federal Reserve Announces ISO 20022 Specifications for Initial Launch of the FedNow Service

“The Federal Reserve has released message specifications for the initial launch of its FedNow Service for instant payments based on the standard set by the International Organization for Standardization, or ISO. The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023…The Federal Reserve also collaborated […]