FedNow Resources

NAFCU’s FedNow Webinar Series – Free & On-Demand!

February 01, 2023 Add to Calendar 2023-02-01 14:00:00 2023-02-01 14:00:00 Don’t Wait: Put Pen to Paper on Your FedNow Service Plans The FedNow Service will be here in mid-2023. Is your credit union prepared? Join Vice President of Customer Relations, Federal Reserve Financial Services, Joni Hopkins, for the first, in a series, FedNow Service webinar to enhance your baseline FedNow Service knowledge. In addition, you’ll learn about business and consumer research highlighting the demand for instant payments and explore key planning considerations for your credit union including product changes, connectivity, operations and use cases. Leave this Don’t Wait: Put Pen to Paper on Your FedNow Service Plans webinar more confident about what the FedNow Service is, how your credit union will benefit, and key questions to ask your team today to prepare your service roadmap. Key Takeaways Understand the basics of the FedNow Service including release one features and functionality, benefits, payment flow, as well as the latest progress and lessons from the FedNow Pilot Program Ascertain the considerations that credit unions should make to prepare for the FedNow Service from a product planning, connectivity, use case, settlement, and 24/7 operations standpoint Learn what FedNow resources are available to your credit union to prepare for the FedNow Service today Register Now For On-Demand AccessFREE FOR ALLOne registration gives your entire team access to the live webinar and on-demand recording until February 1, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Credit union executive management NCCOs and compliance titles NCRMs and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will receive 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. 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

Don’t Wait: Put Pen to Paper on Your FedNow Service Plans

Credits: NCRM, NCCO

Webinar

March 28, 2023 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

A Deep Dive into FedNow Service Features and 24/7/365 Operations

Credits: NCCO, NCRM

Webinar

May 23, 2023 Add to Calendar 2023-05-23 14:00:00 2023-05-23 14:00:00 Explore Benefits and Instant Payments Use Cases for Your Credit Union In part 3 of this FedNow webinar series, spend time workshopping use cases opportunities that the FedNow Service could enable for your credit union’s business and consumer clients. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore the range of use cases that the FedNow Service could enable across B2B, B2C, C2B and P2P in different industry verticals that include entertainment, education, hospitality, lending, travel, healthcare, as well as value proposition scenarios. You’ll leave more confident in understanding the value and advantages that instant payments will provide your credit union and member base. Key Takeaways Engage with a FedNow Service expert on the types of use cases that your credit union wants to enable with instant payments. Better understand the range of instant payments use cases opportunities across various industries. Explore benefits that different use cases can offer to your members and to your own credit union. Register Now For On-Demand AccessRegistration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until May 23, 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 receive 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. 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

Explore Benefits and Instant Payments Use Cases for Your Credit Union

Credits: NCCO, NCRM

Webinar

August 23, 2023 Add to Calendar 2023-08-23 14:00:00 2023-08-23 14:00:00 See a Live FedNow Service Demo and What's Ahead With Onboarding In part four of this FedNow webinar series, join Dan Baum, Senior Vice President of FedNow Product Management, and you’ll see a demonstration of the service and discussion around key considerations for onboarding. Take advantage of the opportunity to get the answers to your outstanding questions so that you can lead your credit union through its instant payments implementation journey with ease and confidence. Key Takeaways Discover the latest progress for the FedNow Service View a FedNow Service demonstration Understand key considerations for onboarding to the FedNow Service 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 August 23, 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, DC. 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

See a Live FedNow Service Demo and What's Ahead With Onboarding

Credits: NCCO, NCRM

Webinar

Federal Reserve & Other Resources

NAFCU Advocacy

NAFCU: More details needed to encourage CU adoption of FedNow Service
Throughout the FedNow development process, NAFCU worked to highlight the need for FedNow to be accessible to smaller institutions and promote clear communication from the Federal Reserve about pricing and other information important to credit unions.
NAFCU urges Fed to expedite FedNow Service
NAFCU consistently urged the Federal Reserve to accelerate the launch of FedNow in light of the credit union industry’s strong support for increasing access to faster payments.
NAFCU offers recommendations to Fed on ISO 20022 implementation
NAFCU encouraged the Federal Reserve to adopt a flexible timeline for testing and implementation of the ISO 20022 payment message format to avoid the increased costs that credit unions would face as the result of a rushed testing period.
NAFCU offers recommendations in response to Fed’s FedNow proposal
NAFCU expressed support for the Federal Reserve’s proposed amendments to Regulation J to facilitate the implementation of FedNow and made recommendations on how the Federal Reserve could better address issues including fraud and funds availability to reduce burdens on credit unions.

NAFCU Coverage

FedNow to launch in July 2023
The Federal Reserve announced in March that the FedNow launch would be in July 2023.
Fed finalizes rule to govern fund transfers over its FedNow Service
The Federal Reserve issued a final rule governing fund transfers through FedNow in May 2022. In the final rule, the Federal Reserve did not specify a definition of “immediately” for funds availability and expressed support for examining how Regulation E applies to instant transfers, both points in accordance with recommendations made in NAFCU’s comment letter on the proposed rule.
Fed ISO 20022 final implementation details include NAFCU-sought recommendations
The Federal Reserve set the final implementation timeline for adoption of the ISO 20022 payment message format in June 2022. ISO 20022 will be adopted in a single-day transition on March 10, 2025. The final implementation details incorporate several recommendations from NAFCU’s comment letter, including a longer testing period that will reduce costs for credit unions.
Fed launches FedNow service provider tool to aid CUs connect with service providers
The Federal Reserve launched its FedNow service provider showcase in March 2022. The showcase is a tool that helps financial institutions find vendors that can help them prepare for the implementation of real-time payments using the FedNow Service.
Credit unions participating in FedNow pilot program
The Federal Reserve announced the list of participants in its FedNow pilot program in January 2021. Participating financial institutions, including NAFCU-member credit unions, helped with development and testing of the FedNow system.
Fed adopts ISO 20022 message format for FedWire Fund Service, seeks public comment on adoption
The Federal Reserve announced in October 2021 that it will use the ISO 20022 payment message format for the FedNow Service and other Federal Reserve payments. ISO 20022 will improve interoperability with other payment systems and provide increased security against money laundering.