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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 ResourcesFedNow 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.

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