The Federal Reserve announced that Kenneth Montgomery, first vice president at the Federal Reserve Bank of Boston, will head up the development of the new FedNow faster payments service that was announced earlier this month.

"Ken brings deep financial services insights and technical expertise to his new role," Esther George, president and CEO of the Federal Reserve Bank of Kansas City, which is sponsoring the new faster payments program, said in the announcement. "He is a natural fit to lead FedNow given his success in previous Federal Reserve technology and business roles, and his leadership of our payments security efforts."

Montgomery was previously executive vice president and chief technology officer of the Federal Reserve System, where he led the National Information Technology Architecture and Standards Division. 

In his new position, he will retain his current role as first VP of the Federal Reserve Bank of Boston.