Our RTP Info Center provides numerous resources for instant payments and the FedNowSM Service. Visitors can view a recently added video on getting ready for the FedNow Service, a primer on the benefits of instant payments, a readiness roadmap for financial institutions working with service providers, and information on the FedNow FraudClassifierSM Model. Additionally, the RTP Info Center provides insights into the request for payment (RFP) feature of an instant payment and managing liquidity in an instant payments world. The info center also offers a comprehensive guide to help credit unions understand and navigate the evolving landscape of instant payments.
Get ready for the FedNowSM Service Video
People and businesses want to be able to send and receive money with a single click. According to a recent Federal Reserve survey, two-thirds of consumers and three of four businesses believe their bank or credit union must offer faster payments.
Exploring the benefits of instant payments: A primer
Instant payments have several characteristics that make them attractive in the digital economy.
Readiness roadmap: For financial institutions working with service providers
Credit unions may consider collaborating with service providers to implement and operationalize instant payments with the FedNowSM Service. You can use this guide to figure out how to involve service providers in your planning.
FedNow FraudClassifierSM Model
The FraudClassifier model offers a simple method for categorizing fraud. In addition, it provides a comprehensive picture to aid credit unions in better comprehending the scope of payment-related fraud.
Request for payment is a powerful instant payments tool
The request for payment (RFP) feature of an instant payment can simplify the process when one party needs to be paid by another quickly.
Managing liquidity in an instant payments world
Credit unions must maintain sufficient funds or available credit in their accounts because payments will process and settle 24 hours a day, seven days a week, with the FedNowSM Service. Read more to learn what this means for your credit union and how transfers for liquidity management will operate.