The goal of the FedNow User Group is to enable regular communication between FedNow users and FRFS in order to foster creativity and provide input for the service's ongoing development.

Mark Gould, chief payments executive of Federal Reserve Financial Services, stated, "The strong adoption and engagement surrounding the FedNow Service reflects our collaboration with the industry since day one, and this remains a priority as we pursue our shared mission of ubiquitous availability of instant payments." Through this new user group, networked institutions and the service providers who assist them will have the chance to offer recommendations for new innovations that will increase the value of the FedNow Service for all users.

FedNow Service adoption and network volume continue to grow as participants enable instant payment processes, identify in-demand use cases, and increase customer awareness of instant payment products and services. FedNow Service was launched in July 2023 with 35 participating institutions.
 

All participating financial institutions and their service providers can access a comprehensive overview of ongoing service upgrades through the FedNow User Group. They can also contribute comments to drive future development of the service through working groups, roundtables, and webinars. The FedNow User Group also concentrates on finding creative use cases to assist companies and individuals looking for quicker and more effective ways to transfer and receive money for a range of purposes.

The range of use cases that FedNow participants are currently enabling is growing and includes business-to-business payments, fast insurance disbursements, digital wallet funding, and account-to-account payments.