F&M Bank 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 Guthrie President and COO, Barry Anderson. “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
F&M Bank 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.