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December 15, 2023

On the wires

April 22, 2022

On the wires

Alacriti Featured in Federal Reserve’s New FedNowSM Service Provider Showcase, Expands Its Unified Payments Platform for the FedNow Service


Alacriti , a fintech company specializing in payments and money movement, is proud to be featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions. In addition, connection to the upcoming FedNow Service is now included in Alacriti’s Cosmos Payments Services to give financial institutions multiple paths forward for faster payments innovation.”

March 2, 2022

On the wires

Volante Technologies Launches First Unified Service for FedNow℠ and TCH RTP®

Volante Technologies , the global leader in cloud payments and financial messaging, today announced that it is offering U.S. banks and financial institutions a single unified solution for the FedNow℠ Service and TCH RTP® real-time payments . Adopters of the industry-first service will be able to start their real-time payment journeys with TCH RTP® immediately, and seamlessly add the FedNow Service when the new network is ready, gaining a unique advantage in the increasingly competitive U.S. payments landscape.”

January 27, 2022

On the wires

Federal Reserve Announces FedNowSM Service Pricing Approach, Credit Transfer Limit

“The Federal Reserve today announced the anticipated pricing approach for its FedNow Service for instant payments. “We are providing broad information about our pricing approach well in advance of our 2023 launch to support financial institutions and their service providers as they plan for implementation of the FedNow Service,” said Ken Montgomery, Federal Reserve Bank of Boston interim president, chief executive officer and FedNow program executive. “Industry input will continue to help us respond to instant payment needs, further frame out our pricing approach and move toward service launch.””

December 17, 2021

On the wires

Aptys Solutions Launches Liquidity Manager for Real‐Time and FedNow Payments

“Aptys Solutions, the leading fintech partner of cloud-based, multi-channel, and real-time and mobile payments to more than 4,500 financial institutions, announced today  that it now offers a liquidity manager for real-time payments. This allows correspondents that provide funding services to other institutions, or individual financial institutions, to automate liquidity  management and offer real-time reconciliation and transaction posting. Midwest Independent  BankersBank (MIB) and Bankers’ Bank of the West are amongst the first financial institutions  to select this new real-time payments module available through Aptys’ multi-channel payments  platform PayLOGICS.”

December 14, 2021

On the wires

ICBA Urges Fed to Accelerate Flow of FedNow Information

“The Independent Community Bankers of America (ICBA) asked the Federal Reserve to accelerate the flow of information about the FedNow instant payments service to ensure community banks have the data they need to maximize participation ahead of the 2023 launch…Among its FedNow recommendations in a letter to the Federal Reserve Bank of Boston, ICBA called for more information on the 2023 launch date, regular updates on core processor and technology partner readiness, details about onboarding and testing, and additional research on community bank and customer opportunities.”

October 21, 2021

On the wires

October 20, 2021

On the web

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

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 than later” and encouraged banks to start preparing for the rollout.”

September 2, 2021

On the web

ABA Calls for Interoperability As Fed Develops FedNow | ABA Banking Journal

ABA Banking Journal

“In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023. The proposal would create a new subjection in Regulation J that will apply solely to FedNow Service transactions. In the letter, ABA called on the Fed to strive towards interoperability with the TCH Real Time Payments Network and, at a minimum, to adopt policies and procedures that are consistent with existing industry practices. ABA also recommended that the definition of “immediately” in Reg J remain undefined, at least until the FedNow Service conducts a technical assessment of what would be reasonable.”

September 1, 2021

On the web

Fed Finds Businesses Eager for Faster Payments

Payments Dive

“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 tap faster payments anytime soon.Overall, 90% of the 2,010 U.S. businesses surveyed by the Fed expect to use faster payments in their operations by 2023, and many are ready for that upgrade now, the Fed said in the report. The survey, conducted in the second half of last year, included large and small businesses from an array of industries, including retail, manufacturing and professional services.”

June 29, 2021

On the wires

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 part of the program, pilot participants attend two sessions each month in addition to optional discussions offered by FedNow Service subject matter experts…Currently, FedNow Pilot Program participants are contributing to the development of the FedNow Service Readiness Guide, an educational resource to support organizations on their journey to implement instant payment capabilities, by reviewing an early draft of the guide and proposing additional topics or edits for consideration.”

June 16, 2021

On the web

Would a Digital Dollar Make FedNow Obsolete?

American Banker

“The Federal Reserve is developing a payments platform set to launch in a couple of years to help consumers complete transactions in real time. At the same time, the central bank is studying the potential creation of a digital currency, which would serve a similar purpose and maybe even more. A growing number of observers are asking: Could one of those payment innovations ultimately make the other obsolete? FedNow, planned to be up and running by 2023 , is meant to dramatically improve the speed of the Fed’s payment rails. But experts say a digital dollar offered by the central bank would do the same thing, while also enabling more programmable transactions and potentially being available to consumers who lack a bank account.”

April 30, 2021

On the wires

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 a reality, we’re implementing flexible design features such as the ability to choose from a variety of FedNow participation types.  As financial institutions prepare for the FedNow Service, they should start thinking about which of the following FedNow participation types will allow them to support their business and customer needs. Financial institutions can enable almost any combination of participation types, with a few exceptions. Each participation type allows for several different configurations to be flexible and meet each financial institution’s needs.”

April 20, 2021

On the web

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 get out of it and how they’re preparing for it. Those insights could be helpful to the many more banks that are still on the fence about which fast payments system to join, if any. The $4.2 billion-asset First Internet said customers don’t want to wait a long time for transactions to close, according to Anne Sharkey, senior vice president of operations of the online-only bank.”

April 5, 2021

On the web

Northern California Banks, Credit Unions to Test Faster Money Transfers

North Bay Business Journal

“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, Tri Counties Bank, Silicon Valley Bank, Pacific Coast Bankers’ Bank and First Foundation Bank. Participating California credit unions include Excite Credit Union, Farmers Insurance Federal Credit Union, and Star One Credit Union.”

March 31, 2021

Top Post

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 with The Clearing House to optimize compatibility between the two U.S. instant payment services, which are likely to have common users across the industry. In addition, the individual FedNow message flows and implementation guidelines were validated by experts on the FedNow Community ISO 20022 Working Group and other industry participants in the FedNow Community, including participants from BNY Mellon.”

On the wires

Jack Henry Using Experience to Help Shape Future of Instant Payments With the Federal Reserve

“Jack Henry & Associates, Inc. (NASDAQ: JKHY ), a leading provider of technology solutions and payment processing services primarily for the financial services industry, confirmed it will participate in the FedNowSM pilot program. Participating in the program provides the banks and credit unions that leverage JHA PayCenter ™ to seamlessly connect to instant payment networks, more choices and interoperability for their faster payment offerings.”

March 16, 2021

On the wires

February 25, 2021

On the wires

Our Strategic Approach to the FedNow Service ISO 20022 Message Specifications

“The new year is off to a fast start for the FedNow Service. We recently announced the 120+ strong pilot participant roster and a narrowed timeframe — now 2023 — for our industrywide service launch. Next on the horizon is the publication of the ISO 20022 message specifications for the FedNow Service. These specifications will define the message flows and formats that FedNow users and service providers will need to support at the initial service launch. As we move closer to the March publication date, we want to share the planning process behind the specifications to give you a sense of what to expect when we release them.”

February 3, 2021

On the wires

Federal Reserve Updates FedNow Service Launch to 2023

“With development of the FedNow Service well under way, the Federal Reserve today amended the industrywide launch timing for its instant payments platform to 2023. The announcement narrows the delivery timeframe by a full year, updating a previous notice in 2019 that indicated industrywide availability in 2023 or 2024. “Over the last several months, we’ve made significant strides toward our program milestones for the FedNow Service,” said Esther George, president and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the FedNow program.”

February 2, 2021

On the wires

February 1, 2021

On the web

How a Processor Sees Opportunity in Its Participation in the Upcoming Pilot for FedNow

Digital Transactions

“With the Federal Reserve’s announcement last week that more than 110 financial institutions and processors have signed up for  a pilot of the FedNow real-time payments service, third-party service providers are working to smooth the way for small banks that might otherwise be left on the sidelines. “We’re filling the niche for mid-size and smaller institutions,” says a spokesman for Juniper Payments, a Wichita, Kan.-based company that transmits files for automated clearing house and wire transfers. The company, one of about a dozen service providers on the Fed’s pilot list, already offers real-time processing via The Clearing House Payments Co. LLC’s network , launched in 2017, and through the Fed’s FedWire Funds Service and its own On-We Junifunds Network for wires.”

January 25, 2021

Top Post

Federal Reserve Announces FedNow 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.”

January 8, 2021

On the web

The Future of Payments Is Instant

Progressive Grocer

“Change in the payments industry has been accelerated by COVID-19. Merchants have responded by making it easier than ever for their customers to make in-person contactless payments and purchase goods online from the safety of their homes. The Federal Reserve intends to support payments change with its first major new payment system in four decades. Merchants will be among those to reap the benefits.”

October 14, 2020

On the wires

Announcing the FedNow Pilot Program

“The Federal Reserve announced the creation of the FedNow Pilot Program to support development, testing and adoption of the FedNow Service. This program continues efforts to foster industry partnerships in the development of the new instant payments service. Over the coming weeks, the Federal Reserve will accept expressions of interest in the pilot program from eligible members of the FedNow Community , including financial institutions, as well as service providers and payment processors that partner with financial institutions.”

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