The Federal Reserve has formed a FedNow Community in connection with the upcoming FedNow Service, which will create a faster payments system that rivals some of the leading real time payment systems in the world. 

The FedNow Community is open to individuals interested in providing expertise and time to help develop the FedNow Service, according to a press release.

The FedNow Service is set to launch by 2023-2024, despite the onset of the COVID-19 pandemic, which has disrupted much of the U.S. economy. 

"While we work to support the industry and our customers during this difficult time, we want to ensure that our collaboration with industry stakeholders on FedNow features and functionality continues on a virtual basis," Kenneth Montgomery, first vice president and COO of the Federal Reserve Bank of Boston and FedNow program executive, said in the release. "The FedNow Community will help influence FedNow Service design and our development roadmap by providing input on desired service features, technology and implementation plans."

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