Introduction to Instant Payments and FedNow

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.