Financial institutions and service providers sending instant payments over the FedNow Service now have access to a new risk mitigation tool that will empower them to send instant payments with confidence. With the network intelligence API, FedNow participants can access receiver account-level data observed over the service, adding an extra layer of information to help them assess the risk of a potential payment. The API, which launched on April 28 for early adopters of the tool, joined the Federal Reserve Financial Services’ (FRFS) suite of fraud and risk mitigation features.

“The network intelligence API delivers instant, network-level data insights that complement participants’ existing risk management capabilities, providing more information — and confidence — before a transaction is made,” said Nick Stanescu, executive vice president and chief executive of the FedNow Service. “This advancement reinforces our commitment to strengthening risk controls while maintaining the speed and reliability that define the FedNow Service.”

Read the full article (Off-site) for insights from testers, early mitigation steps and more.