What’s coming in 2023

The targeted release of the FedNowSM Service has been narrowed down to May-July 2023, raising many questions. In a recent webinar, community banks had the chance to hear directly from the Federal Reserve about what to expect from the FedNow Service. Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti discussed:

• An overall update from the Federal Reserve
• Plans to achieve ubiquity
• What will be available upon launch
• Features and functionality of the FedNow Service
• Details on anticipated FedNow Service pricing
• How community banks can prepare for and connect to faster payments
• More on fraud prevention, funding agents, and the user experience
• Alacriti’s Early Adopter Program, which provides savings and benefits for community banks connecting to the FedNow Service

Download this article for a summary of the webinar.