Wespay CEO Sheds Light on ‘FedNow’ Instant Payments Service

Wespay President and CEO Bill Schoch delivered a presentation to California and Nevada credit union CEOs this past week on the Federal Reserve’s FedNow service (launching this July), including discussion on:

• Instant Payments Primer — fundamentals, transactions, cases, Wespay member concerns, and tools.
• Capabilities of Faster Payments — Federal Reserve context.
• Characteristics of Instant Payments — processing, clearing, settlement, posting, and confirmation.
• FedNow Service Payment Flow — senders versus receivers, financial institutions, and the technological/automation ecosystem.
• Current Use Cases — A2A, B2C, and B2B examples and considerations.
• Wespay Member Feedback Research — observations and comments.
• Considerations and Suggestions — technology preparedness, planning, monitoring, and starting small.
• Federal Reserve Resources — FedNow guidance resources.
• Questions and Answers — Bill Schoch’s answers to questions.

Be sure to check out Schoch’s slides from his online/virtual discussion here, and reach out to him with any questions at wschoch@wespay.org.