INB, N.A. will be a leader in the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve’s upcoming instant payments offering, the FedNowSM Service.
The FedNow Service will provide an important payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
“We are proud that we’ll help the Federal Reserve develop its first major new payment system in four decades,” said Mark Donovan, INB senior vice president. “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
INB will help shape the FedNow Service’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
Donovan says, "We see our selection into the FedNow Pilot Program as both a tremendous privilege and opportunity to shape and promulgate the next generation of instant payments through our trusted advisor and partner, the Federal Reserve. We couldn’t be more grateful to have been selected by the Federal Reserve in this effort, to be part of building a system that provides both efficacy and efficiency so that technology can evolve around it for years to come. As a member of the Federal Reserve system, we endeavor to uphold its place, as viewed both domestically and around the world, as a leading network that will deliver both trust and speed in the movement of money and data."
For more information on the FedNow Pilot Program and the FedNow Service, visit FedNow.org.
“FedNow” is a service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.