The FedNowSM Service is an instant payment service created by the Federal Reserve Banks to provide safe and efficient instant payment services in real-time, 24/7/365. With the targeted release of the FedNow Service narrowed down to May-July 2023, there are certainly a lot of questions surrounding it.
In this ICBA hosted webinar, community banks had the chance to hear directly from FedNow. If you missed the FedNow Launch Webinar Series, this is a good opportunity to get a lot of information in a short amount of time. Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti, discussed:
- An overall update from the Federal Reserve
- Plans to achieve ubiquity
- What will be available upon launch
- Features and functionality of the FedNow Service
- Details on anticipated FedNow Service pricing
- How community banks can prepare for and connect to faster payments
- More on fraud prevention, funding agents, and the user experience
- Alacriti’s Early Adopter Program, which provides savings and benefits for community banks connecting to the FedNow Service
