Bankers’ Bank of the West is among the more than 110 organizations selected to participate in the Federal Reserve’s FedNowSM Pilot Program.
The financial institutions and processors involved in the program will help shape its functions and features, offer user experience feedback, and assure readiness for testing. What’s more, they will become the first to experience the FedNow Service before it becomes widely available.
The Federal Reserve Banks are creating the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – whatever their size or geographic location – in practically real time, around the clock, every day of the year. By working through financial institutions participating in the FedNow Service, individuals and businesses will be able to send and receive instant payments easily. Recipients of instant payments will have access to funds within seconds, enabling them to manage their money and make time-sensitive payments.
To access more news, the full list of Pilot Program participants, and other pertinent information, visit FRBServices.org.