Independent Banker - February 2022 - 30

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Counting down to
the launch of FedNow
The FedNow Service is launching in early 2023, giving community
banks about a year to plan. Here's how community bankers,
payments experts and fintech vendors suggest using the time to
prepare. By Colleen Morrison
The Federal Reserve's
new payments rail
launches in one year.
he clock is ticking. With less than
a year until the scheduled launch
of the FedNow Service, community
banks are still awaiting updates on
specifics. The Federal Reserve has
been forthcoming in communicating
details and capabilities, but the
exact date of product availability
remains undetermined.
" In 2022, we've got some critical
milestones around integration
testing with all of our Fed systems,
as well as pilot testing, " said Connie
Theien, senior vice president and
director, payments industry relations
with the Federal Reserve System, to
ICBA members during a November
2021 webinar (see sidebar). " And
so when we hit some of those, we're
hoping not too far into 2022, we'll
be able to give you a more specific
implementation window. "
Yet, even without a target date on
the calendar, work efforts from the
Fed and community bankers are
signaling the flurry of activity that has
been set in motion.
" 2022 will be a big year as we move
from development to pilot testing and
begin to engage more with financial
institutions in active planning, " says
Nick Stanescu, senior vice president,
FedNow business executive, the
Federal Reserve Bank of Boston. " We
remain on track to go live with the
FedNow Service in 2023, beginning a
new era for the U.S. payment system. "
The pilot experience
In January 2021, the Federal
Reserve convened the FedNow Pilot
Program, which consists of more
than 110 organizations to support
development, testing and adoption
of the FedNow Service. The first year
of activity centered on information
sharing and input collection, but now,
pilot participants are transitioning
from institutional planning
to execution.
T
30 Q ICBA Independent Banker Q February 2022
Photo by Traveler1116/iStock

Independent Banker - February 2022

Table of Contents for the Digital Edition of Independent Banker - February 2022

Table of Contents
Independent Banker - February 2022 - Intro
Independent Banker - February 2022 - Cover1
Independent Banker - February 2022 - Cover2
Independent Banker - February 2022 - Table of Contents
Independent Banker - February 2022 - 2
Independent Banker - February 2022 - 3
Independent Banker - February 2022 - 4
Independent Banker - February 2022 - 5
Independent Banker - February 2022 - 6
Independent Banker - February 2022 - 7
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Independent Banker - February 2022 - 30
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Independent Banker - February 2022 - 43
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Independent Banker - February 2022 - Cover3
Independent Banker - February 2022 - Cover4
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