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Traditional peer review is slow, often delayed by the time-consuming process of identifying reviewers and lengthy review turnaround times. This study tests the feasibility of the Fast & Fair peer review initiative by evaluating whether we could implement and adhere to a structured timeline for rapid peer review at Biology Open. A 6-month pilot conducted from July to December 2024 evaluated a structured workflow with pre-contracted reviewers under two payment models: a freelance model or a retainer model. All manuscripts assigned to two of the journal’s ten academic editors were included in the Fast & Fair peer review initiative experiment. A structured editorial time-line ensured that all manuscripts received reviews and first decisions within 7 business days. The results demonstrated that 100% of Fast & Fair peer review initiative manuscripts met the turnaround target, with a mean of 4.6 business days (n=20 manuscripts). Review quality was maintained, as indicated by assessments by academic editors. The freelancer model outperformed retainers in cost-effectiveness. These findings suggest that the Fast & Fair peer review initiative is feasible and does not compromise review quality. While scalability remains to be tested, the initiative eliminates a major bottleneck in traditional peer review by streamlining reviewer identification and enforcing a strict editorial timeline.