FedNow Bootcamp with Payments Professor (4 Part Series)
Parts 1 and 2: Wednesday, November 29, 2023
Parts 3 and 4: Thursday, November 30, 2023
12:00 - 1:00 & 2:00 – 3:00 pm (Eastern Time)
Ready to demonstrate your knowledge and understanding of FedNow®? With the FedNow® 4-Part Bootcamp from BankersHub in conjunction with the Payments Professor, learn what you need to know about FedNow® to help gain the understanding of the many different aspects of faster payments.
FedNow® Part 1: Faster Payments Basics - What Banks and Credit Unions Need to Know
Faster payments are becoming the preferred payment method among consumers, as they provide a greater level of speed and control than traditional payment methods. The faster credit-push model and the use of requests for payments put recipients in much greater control of the funds in their bank account. In order to facilitate faster payments, banks and credit unions must understand the basics of clearing and settlement in these faster payment channels as well as what options are available and how those options will fit into their current offerings. From same-day ACH, to wires, RTP® and FedNow® join the Payments. Professor to learn more about what a faster payment is, how it works, and what you need to know to help your financial institution to keep up with the ever-changing electronic payments environment.
FedNow® Part 2: Same Day ACH, RTP®, or FedNow the same or different?
Same Day ACH, RTP®, and FedNow® are all similar yet different payment systems. Same Day ACH is an electronic payment system from NACHA that allows for same-day payments and money transfers. RTP® is a real-time payment system from The Clearing House (TCH) that allows for real-time payments from one account to another. The FedNow® service is from the Federal Reserve Banks that will facilitate real-time payments between banks and other financial institutions.
FedNow is an instant payments system that is set to going live in 2023, while both RTP and Same Day ACH are already available. One key difference between the two systems is that FedNow® has a significantly lower transaction limit of $500,000, while RTP and Same Day ACH have a limit of $1 million per transaction. FedNow® also has a liquidity management tool that supports instant payment liquidity transfers between FedNow® participants and financial institutions. These are just the beginning of the differences and the similarities between the three systems.
FedNow® Part 3: Instant Payments Rules and Regulations
The FedNow® Service is a new instant payment service developed by the Federal Reserve Banks to enable financial institutions of every size to offer faster payments to their customers. It will facilitate the transfer of funds between banks in near real-time, allowing individuals and businesses to access and spend funds instantaneously. The Federal Reserve Board has implemented changes to Regulations J, crated Operating Circular 8 and also employed changes to the settlement services used by banks to facilitate faster payments. Additionally, the FedNow Service will help ensure that financial institutions can offer end-to-end faster payment services to customers, helping to facilitate real economic benefits for individuals and businesses, but all of this must be done in compliance with new and existing rules and regulations including OFAC, Regulation E, and UCC 4a. Are there others? What rules and regulations govern FedNow®?
FedNow® Part 4: Risk and Fraud with FedNow - Mitigating Risk and Protecting You and Your Customers
The Federal Reserve's recently announced the FedNow® service that has the potential to revolutionize the payments industry. This instant payment service will offer quick and reliable payments, providing a secure and cost-effective way for businesses and consumers to make and receive payments. However, with the increase in speed and convenience, there is also an increased risk of fraud and potential cybercrime. To protect against this, banks, credit unions, and other payment providers must have an understanding of the risks associated with the use of this service and the necessary solutions to mitigate them.
VSoft Corporation – SVP and Payments Professor
Kevin Olsen is a certified AAP (Accredited ACH Professional), APRP (Accredited Payments Risk Professional), NCP (National Check Professional), as well as a certified NCP Instructor with additional computer network, database, and security settings. Over the past couple decades, Kevin has been involved with product creation, design, implementation, education, and consulting for multiple platforms within remote deposit capture, ACH, and faster payments. Kevin has worked with financial institutions of all sizes in multiple countries to create products services, departments, systems, teams, and results that help financial institutions become more productive, compliant, and secure.
Attendance verification for CE credits provided upon request.
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