What You Need to Know About the FedNow Operating Procedures
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Instant payment allows for near-real-time movement of funds in the U.S. financial system. Since 2019, we have been hearing of the development of a new instant payment rail to be operated under the control of the Federal Reserve. The FedNow instant payment rail is coming in 2023! Your organization is likely evaluating the potential use cases and implementation implications of launching the FedNow service to your customers and members. There is a lot to think about, including which core functionalities (receiving, sending, and request for payment) you will launch and how quickly you will expand to others.
Much of the operating rules and structure surrounding this new payment rail have been unknown. However, in 2022, Regulation J was updated to include FedNow considerations, and the Fed released the FedNow Service Operating Procedures. Has your institution started to explore these FedNow Service Operating Procedures? If not, do not worry because NEACH is here to help you understand these procedures and how your organization should prepare to meet its requirements once you launch your FedNow service offerings.
In this session, NEACH will thoroughly explore the new FedNow Service Operating Procedures, discussing the operational impact and overall considerations related to general expectations, testing and certification, messaging types, formats, requirements, fraud reporting, and more. The goal for attendees is to walk away with a foundational understanding of the rules and what they mean and establish a plan for how they will comply with any associated requirements. Come to this session prepared to interact and ask questions. FedNow is new to us all and collaborating with NEACH and your peers is the best way to help you understand and prepare for a successful FedNow launch.
During this session attendees will:
• Discuss the high-level considerations and impact of the FedNow Operating procedures
• Recall at a high-level how the operating procedures impact the processing of FedNow transactions
• Recognition which areas of the operating rules will directly apply to the attendee’s institution’s FedNow-related offerings