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FedNow to launch in July
The Federal Reserve announced its FedNow service – which will allow participating credit unions the ability to send and receive real-time payments – will start operating in July. NAFCU has long supported the Fed’s involvement as an operator of a new, real-time payments rail.
Formal certification of participants for launch of the service will begin the first week of April. Early adopters will complete a customer testing and certification program, informed by feedback received during the FedNow Pilot Program, to prepare for sending live transactions through the system.
In June, the Fed and certified participants will conduct production validation activities to confirm readiness for the July launch.
NAFCU is offering a free webinar March 28 on FedNow service features and details on its 24/7/365 operations. Another free webinar on FedNow preparation and resources is also available on demand.
NAFCU will continue to advocate for development of robust risk management tools, safeguards, and end-user features to promote FedNow adoption.
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 A Deep Dive into FedNow Service Features and 24/7/365 Operations Join part 2 of this FedNow webinar series to deepen your knowledge of FedNow Service features and capabilities to prepare your credit union for 24/7/365 operations. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore important operational topics that are top of mind for credit unions including release 1 features, reconcilement, accounting changes, reporting, liquidity management, fraud and risk mitigation, ISO 20022, and how to work with your service provider. Operations, technology and business development staff will find this webinar particularly valuable as they consider tactical next steps to convert to always-on payment operations. Key Takeaways Examine specific FedNow operational topics including reporting, reconcilement, seven-day accounting, liquidity management, ISO 20022 and more. Learn about fraud and risk considerations that are inherent to instant payments, and the Federal Reserve’s fraud mitigation approach and tools. Discover how to best engage with your service provider partners as you embark on your instant payments implementation journey. Register Now Registration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until March 28, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
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