The Federal Reserve is now accepting applications for a pilot test program for its FedNow Service.
Financial institutions, including credit unions, are among those eligible to apply, Fed officials said.
Once it is implemented, the FedNow service will allow customers to send and receive payments at financial institutions instantly. Credit union trade groups have expressed their support for the program. The pilot program will include three phases: advisory, testing and closed-loop production. Institutions that are not members of the FedNow Community must first enroll by submitting a participant profile form.
Organizations that are interested in participating must submit an application by Nov. 15 to be considered. Organizations and businesses will be selected from the pool of applicants.
The Fed said that additional participants may be added in later phases of the pilot to address evolving issues. Organizations that are not selected for the pilot program still may provide input through community roundtables, working groups and surveys. They also may elect to become an early user of the FedNow service once it is operating.
Use the link below to join the community.