CHICAGO--(BUSINESS WIRE)--The Federal Reserve today launched the FedNow Service Provider Showcase, an online resource designed to connect financial institutions and businesses looking to adopt the FedNow Service with service providers offering instant payments solutions. To date, 74 providers have submitted fact sheets and videos highlighting products and services that support FedNow Service implementation.
“The enthusiastic response to our call for FedNow Service Provider Showcase submissions underscores the innovation happening across the industry as a result of instant payments,” said Connie Theien, senior vice president of industry relations for the Federal Reserve System. “The showcase provides financial institutions and others with a range of vendors that stand ready to help them plan for and implement the FedNow Service, which launches next year.”
Showcase solutions, displayed on the FedNow Explorer site, reflect a diversity of instant payment offerings by payment processors, core banking system providers, mobile and online banking platform providers, payment hubs and gateways, bill pay/presentment service providers and others.
The Service Provider Showcase will remain open for submissions, serving as a resource for the industry through the launch of the FedNow Service and beyond. Interested service providers may join the FedNow Community to submit materials for inclusion. New submissions meeting guidelines and criteria will be added regularly.
“There is no ‘one size fits all’ approach to instant payments, and flexibility surrounding implementation and adoption is a critical component of the FedNow Service,” said Nick Stanescu, senior vice president and business executive of the FedNow Service. “We are committed to collaborating with the industry to develop an ecosystem that will support the end-to-end instant payments experience, and the showcase suggests we’re off to a good start.”
For more information and other instant payment resources, visit FedNow Explorer.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — 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 at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNow.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
