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Fed launches FedNow service provider tool to aid CUs connect with service providers
The Federal Reserve launched its FedNow service provider showcase Tuesday, a tool highlighting firms that can help financial institutions implement real-time payments using FedNow. The showcase acts as a catalogue that helps credit unions “shop” for potential solutions and on-ramps if they are interested in being a FedNow participant. The showcase portal also includes a readiness roadmap for institutions that are exploring a real-time payments strategy that leverages FedNow.
NAFCU has previously worked with the Federal Reserve to develop FedNow as a secure and cost-effective platform for real time payments. The association has also met with Federal Reserve leadership to advocate for the Fed to play an operational role in the faster payments landscape.
As the planned launch of FedNow approaches in 2023, NAFCU has also encouraged the Fed to educate the industry about the service ahead of launch.
Stay tuned to NAFCU Today for future updates on the FedNow Service's progress and launch timeline.