The FedNow Pilot Program is designed to support development, testing and adoption of the FedNow Service - as well as to encourage development of services and use cases that leverage FedNow functionality.
"Serving as a FedNow pilot allows us to be in on the ground floor of an industry changing initiative," states Larry Eisenhauer, President/CEO. "Participating in the FedNow pilot not only demonstrates and delivers on our promises of commitment, cooperation, and leadership, it is an exercise in growth and collaboration amongst the financial services industry, and an opportunity to create the best-in-house all-inclusive, real-time payment system."
As a FedNow Pilot, we, along with the other participating financial institutions and processors, will help shape features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience FedNow during the closed-loop product phase prior to go-live.
The Federal Reserve Banks are developing the FedNow Service to facilitate nation-wide reach of instant payment services by financial institutions - regardless of size or geographic location - in near real-time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments.
Stow those tray tables and make sure your seat backs are in their upright position for an on-time, real-time payments pilot initiative. We'll keep you apprised of pilot developments as we cruise towards our destination.
Direct in-flight questions to engage@millenniumcorporate.org.