Federal Reserve Debuts Website, Tools In Advance Of Fednow, Instant Payments Launch

The Federal Reserve has rolled out new resources to offer education, preparation and ecosystem innovation for instant payments, according to a Wednesday (Oct. 20) press release. The new instant payment tools include the FedNow Explorer website, an experiential platform designed to educate and engage financial institutions (FIs) and service providers to help with instant pay, the release stated. The website will have various options for them to learn, including guided or self-guided options. There’s also the Ecosystem Accelerator Group, which functions as a “user group” for payment processors, core banking system providers, mobile and online banking platforms, payment hubs and gateways, according to the release. These groups will have the ability to influence FedNow Service design, participate in programs for the needs and interests of solution developers, and ask technical questions and get answers.