In support of its newest payment rail, the Federal Reserve has paired a new digital onboarding tool with a supportive customer service model to provide greater transparency and efficiency and streamline the FedNow onboarding experience.
Developed and launched specifically for the instant payments infrastructure, the FedNow Service onboarding tool provides a centralized, digital hub that enables adopters to:
- Digitally complete and submit forms
- Build their participant profiles
- Establish and configure connectivity
- Test their connections
- Complete certification and go live
Whether a financial institution connects directly or works with a service provider, the technology-driven tool provides a real-time view of an organization’s onboarding progress and reduces the potential for errors or delays along the way.
In addition to the tool, new FedNow Service adopters work with a dedicated onboarding manager (OBM) and their Federal Reserve relationship manager throughout the onboarding process. This team helps track and coordinate steps throughout onboarding and keeps the process moving for all parties involved.
Because every onboarding process will differ based on the organization’s needs, having a tailored team creates a more straightforward, transparent and timely onboarding experience.
Read more about this enhanced customer experience and onboarding tool (Off-site) on FedNow Explorer.
