Opportunity & Risks to Consider: Fed’s Instant Payments Launch

Federal Reserve Vice President of Customer Relations for Financial Services Joni Hopkins delivered a presentation to credit union professionals from across the nation this week on the Fed’s upcoming FedNow service launching this July, entitled Key Considerations as Your Credit Union Plans its FedNowSM Service Strategy.

The webinar, hosted by the Credit Union National Association (CUNA), included a presentation and discussion on:

• Important considerations as your credit union prepares for FedNow and instant payments technology and processing.
• Product planning, including problems to solve for members and their biggest pain points that instant payments could alleviate.
• The value offered to members through instant payment use-cases.
• Key considerations, including member connectivity, types of participating members, and 24-7 operational challenges and opportunities.
• Unique risks, member experience, controls and friction, downstream applications, and potential service disruptions.
• Payments settlement, payment flows, and more.

You can purchase the webinar here.

Credit unions can take the FedNow Readiness Assessment by contacting their Federal Reserve account executive (click here and select “Contact” in the upper right-hand corner). This readiness assessment allows the Fed to gather necessary operational details from your credit union to ensure your processing environment is compatible with FedNow.

Additionally, Wespay President and CEO Bill Schoch delivered a presentation during a California and Nevada Credit Union Leagues-hosted webinar this past April for credit union CEOs on the Federal Reserve’s FedNow service (view presentation slides here).