The FedNow Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size and in every community across the U.S., to provide safe and efficient instant payment services in real-time, 24/7/365. Many credit unions have opted to wait on the FedNow Service before embracing real-time payments. With the upcoming launch in 2023, there are certainly a lot of questions surrounding the FedNow Service.
In this CUInsight hosted webinar, credit unions had the opportunity to hear directly from FedNow and ask any questions they had. 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
- Features and functionality of the FedNow Service
- Details on anticipated FedNow Service pricing
- Results of the pilot program
- The lifecycle of a payment over the FedNow Service from start to finish
- How to prepare your credit union for faster payments
- How to connect based on payment solutions your credit union plans to offer
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