FedNow Service: What’s Coming in 2023

The FedNow^SM Service is an instant payment service created by the Federal Reserve Banks to provide safe and efficient instant payment services in real-time, 24/7/365. The targeted release of the FedNow Service has been narrowed down to May-July 2023, raising many questions.

In an ICBA-hosted webinar, community banks had the chance to hear directly from the Federal Reserve about what to expect from the FedNow Service. Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti, provided an overall update and information on how community banks can prepare for and connect to faster payments.