On March 8, the U.S. Federal Reserve Banks launched the FedNow Service Provider Showcase (Showcase) to show financial institutions and users the various services to assist them in implementing the FedNow Service (Service).

The FedNow Service is an instant payment service to provide all depository institutions in the United States with access to instant payment services in near real time every day of the year, including weekends and holidays. Currently, the Fed expects to release the FedNow Service in 2023, although in phases. Security features will ensure payment integrity and data security. A liquidity management tool will facilitate the transfer of funds between financial institutions and businesses to support liquidity needs related to payment activity within the Service. The FedNow Service will also include optional features, such as fraud prevention tools, the ability to join as a receive-only participant, request for payment capability, and tools to support participants in their handling of payment inquiries.

The Service Provider Showcase includes more than 70 service providers that can connect with financial institutions and businesses to help them innovate and implement instant payment products using the FedNow Service. The Showcase includes a variety of different solution types, including business-to business (B2B) platforms and networks, bill pay and presentment, payroll processors, digital wallets, and payments platforms and gateways. There are also various use cases that include account-to-account (A2A), B2B, business-to-consumer (B2C), consumer-to-business (C2B), and person-to-person (P2P).

Notably, as of the Showcase’s launch date, Cypherium is the only blockchain company featured. New York-based Cypherium focuses on instant payment solutions, blockchain interoperability, and central bank digital currencies (CBDC). Part of Cypherium’s offering will be consumers’ ability to use Cypherium’s digital wallet or blockchain technology as part of the FedNow Service.