Instant payments are a hot topic in today's evolving payments landscape. With the ongoing growth of the RTP Network and the upcoming 2023 launch of the FedNow Instant Payment Network, many of us likely have questions about how instant payments work and want to learn why financial institutions should adopt them. In this 3-part series, NEACH answers many of these questions that have been raised. Specifically, this series of sessions will explore the instant payments landscape for attendees. In the first module, we will introduce how instant payments work, from clearing and settlement to fraud impacts in the landscape. The second module will begin to outline the steps involved in operational readiness to prepare your organization for supporting instant payments and address the steps necessary to start the adoption process with your account holders. The last module of this series will specifically discuss how the FedNow system will work, including settlement, and explore how the ISO 20022 global data standard is integrated into the core functionality of FedNow.

The School of General Payments will provide students with the foundational information needed to navigate the world of payments. This school, and its contents, are a NEACH member benefit meaning that all NEACH members can enroll and access content and related materials as a part of being a member of NEACH. Graduates of The School of General Payments will be exposed to key terms and concepts surrounding ACH, Wires, Checks, Cards, and Instant Payments. Topics such as payment process flows, legal framework, introduction to rules, and the ACH rulemaking process will be explored. This program benefits those new to payments or those needing a refresher before diving into more complex concepts. It is a great way to start with NEACH University as you work to further enhance, develop, and progress in your role and career. 

Learning Outcomes
• Learners completing the School of General Payments are expected to be able to explain the essential characteristics of each main payment channel.
• Learners should be able to compare the similarities and differences between the various payment channels.
• Learners should be able to identify the primary sources of governance related to each covered payment channel.