12/6/2022

Industry Working Group to Establish Principles for FedNow^SM Service Request for Payment Solutions

In preparation for the mid-2023 FedNow Service launch, the Federal Reserve has formed an industry working group to establish voluntary principles for a consistent end-customer experience for solutions leveraging FedNow Service request for payment (RFP) functionality, and to consider other practices or standards that may be useful to encourage broad adoption of RFP functionality across the industry.

RFP will be one of the key features of the FedNow Service. It will allow financial institutions and service providers to build bill pay solutions that can help consumers and businesses conveniently send invoices, receive instant bill payments and better manage cash flow.

The working group, composed of nearly 100 FedNow Community members (PDF), will meet monthly between Q4 2022 and the second half of 2023 to outline recommended payer and payee experiences for business and consumers, and provide input on practices for the Federal Reserve to consider. The working group will also produce an “RFP Customer Experience” document that will be publicly available.