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.
The addition of the Service Provider Showcase will support the end-to-end development of instant payments, allowing service providers to show off their technical and consultative capabilities related to instant payments, the release stated.
Service providers will have the ability to submit info and solutions for broader exposure on the FedNow Explorer site in early 2022, according to the release.
“End users have accelerated their use of digital payments, including instant payments,” said Shonda Clay, the Federal Reserve’s chief of customer and industry engagement. “The Federal Reserve is offering new tools to help payments stakeholders better understand and address this market, including providing instant payments education and helping them prepare to adopt the FedNowSM Service for instant payments when it is launched in 2023.”
The Federal Reserve has also been working to speed up digital payment adoption through new standards for electronic remittance data, allowing for the building of a virtual network for delivering eInvoices.
So far, there are 73 organizations part of the payments industry effort to allow more exchanging of electronic invoices. Forty-two more have done the same for the electronic delivery of remittances.
Clay said the work will “catalyze B2B payments modernization and shape the future of the payments industry.”