WASHINGTON—Federal Reserve Financial Services has issued new resource guides for the FedNow Service, providing information on service readiness, onboarding, and additional guidance for institutions looking to join FedNow, America’s Credit Unions reported.
The Service Readiness guide helps institutions prepare for instant payments by providing insights on how the FedNow Service works, questions to consider, and ideas for gaining value from the service for you and your customers. This guide will be updated over time based on feedback and product enhancements, ACU said.
The Onboarding Overview guide describes the service onboarding process and outlines what is needed to go live with FedNow, ACU noted.
FedNow is the Fed’s instant payments infrastructure launched in July 2023 and has been adopted by over 900 financial institutions. Additional resources and information on the FedNow service can be found on the Explore FedNow website.