Webinar Recap: FedNowSM Service: Capabilities at Launch
The Federal Reserve recently held the Capabilities at Launch webinar for the FedNowSM Community which provided additional details on the FedNow Service as well as the account to account (A2A) use case. Members of the FedNow Product team presented an overview of core clearing and settlement functionality and features available to FedNow participants at launch, the Service’s participation types, and the A2A use cases that could support individual and business instant payment needs.
Webinar participants included Community members comprised of financial institutions, service providers, and processors and aggregators of all sizes. Attendees asked questions on the details of the payment flow send and receive capabilities, and generally wanted to better understand how they might support A2A transfers to meet customer demand.
Initial feedback on the session included the following:
- Detailed content on functionality is valuable and helps deepen organizations’ interests in the Service’s payment flow and messaging between financial institutions.
- Understanding the payment flow timeout clock is important to internal development and operational planning efforts as preparations for FedNow are underway.
- Additional education is still desired to better understand liquidity management transfers and how they could be used.
- Future webinars covering pricing details and corporate use cases would be beneficial.
Industry collaboration is central to a successful launch of the FedNow Service and the Federal Reserve appreciates the valuable insights provided by experts in the FedNow Community. Progress updates will continue to be shared with the Community on an ongoing basis.
See the resources from the event below:
For more information on FedNow Service features and functionality, download the FedNow product sheet (PDF). You can also stay up to date on our progress by joining the FedNow Community or by signing up to receive FedNow Service emails.