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Certification: FedNow Specialist

Certification: FedNow Specialist

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Description

Ready to demonstrate your knowledge and understanding of FedNow®? With the FedNow® Specialist Certification 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.

Included in this Certification:

FedNow® 100: Onboarding to FedNow®
Onboarding to FedNow® is a dynamic webinar tailored for banking professionals eager to join the FedNow® Service with confidence. In this compact yet comprehensive session, we'll explore the critical elements of FedNow® onboarding, including the pivotal roles of the Onboarding Manager and Account Executive, and the significance of documents like the Operational Attestation and Official Authorization List. Learn about the nuances of Participant Profiles, the importance of the Authorized Connection Profile, and the role of Service Providers in enhancing your institution's operational efficiency. We'll also demystify the FedNow® Customer Testing Environment, emphasizing its importance in ensuring a seamless transition to real-time payment processing. This is an unmissable opportunity for you to leverage the full capabilities of FedNow®. Perfect for both newcomers and seasoned professionals, it promises to be an insightful journey into the future of banking.

FedNow® 101: 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® 102: Prepare Now, the Who, What and Why of the New FedNow Service
The FedNow® Service is a new, integrated payments system being developed by the Federal Reserve Bank to enable financial institutions to deliver end-to-end faster payment services to their customers. It is intended to be a flexible payment option that supports a broad variety of instant payment use cases. The FedNow® Service offers uninterrupted processing, 24/7/365 availability, and integrated clearing functionality. The FedNow® Service also offers more responsive services to the needs of financial institutions and their customers. The FedNow® Service is a major step forward in redefining the payments landscape in the United States and will provide considerable convenience for consumers. Who will use, how can it be used, and why do you care? Join the Payments Professor to learn about the participants in the FedNow® network , the different participation types, and the basics of settlement. We end the class with an introduction to the rules and regulations of the FedNow® network.

FedNow® 103: Faster Payments Use Cases

Faster Payments have become an increasingly popular form of payment processing, as they allow for near-instantaneous transfer of funds between different banks and other payment services. Faster Payments are incredibly useful in many different situations, such as:

  • Businesses: Faster Payments provide businesses with a quick and secure way to send payments to receive payments from customers.
  • P2P Transfers: Faster Payments make it easy to send money to friends and family, making it simpler to split bills or transfer money in a pinch.
  • Emergency Payments: Faster Payments can be used to send money quickly in situations where time is of the essence, such as bail payments or emergency medical bills.


Overall, Faster Payments are incredibly useful and versatile, making them an ideal choice for any multiple situations. Those and many other options are available. Which option is best for you? Join the Payments Professor to discover more and find your use case!

FedNow® 104: 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.

FedNow® 105: 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® 106: Settlement, Liquidity Management, and Reconciliation

The FedNow® service will enable real-time payment settlement and liquidity management for banks, businesses and consumers across the United States. By allowing funds to be transferred instantaneously, the new service will create greater financial inclusion, improve customer service, and reduce risk. With the ability to transfer funds in real-time, businesses can better manage their cash management and increase efficiency. To do these financial institutions must first be able to manage their liquidity at the Fed level within master accounts/ What options are available, how will it work, and what will you need to know to provide these and other benefits to your account holders?

FedNow® 107: Messaging and Returns - Understanding timeframes, returns, & ISO® 20022 Messaging

Understanding the complexities of FedNow® Messaging and Returns is essential for financial institutions involved in the instant payment service. To ensure successful and secure transfers, FIs and service providers must comply with the ISO® 20022 messaging standard. The standard ISO® 20022 applies to all payment-related messages sent between banks and other financial institutions.

FedNow® 108: Same Day ACH, RTP®, or FedNowSM 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® 109: FedNow® & RTP® Instant Payments Risk, Fraud, and Compliance

Dive into the world of instant payments with our exclusive webinar, "Navigating the Waters of Instant Payments: FedNow® and RTP® Risk Management." This is tailored for financial professionals seeking to understand and mitigate the risks associated with real-time payment platforms. Learn about the latest Risk Management Framework specifically designed to combat credit-push fraud and understand the critical role of receiving institutions in fraud detection and prevention. We'll explore the integral use of the FraudClassifier® Model in the FedNow® Service for consistent fraud categorization and discuss the importance of customer education in fraud prevention. Whether you're new to FedNow® and RTP® or looking to enhance your fraud detection strategies, this webinar will provide valuable insights and practical tools to safeguard your transactions in the fast-paced world of instant payments.

FedNow® 110: Regulation E Compliance 
with FedNow® & RTP® Payments

Join Kevin “The Payments Professor” Olsen in an engaging session focused on " Regulation E Compliance with FedNow® & RTP® Payments." Designed to provide you with a comprehensive understanding of how Regulation E is applied in the context of modern payment platforms like FedNow® and RTP®. Delve into the specifics of electronic fund transfers under Regulation E, including what transactions are covered and the responsibilities of financial institutions in managing these transfers. Learn about the nuances of handling unauthorized and induced EFTs, the process of error resolution, and the consumer's error notice requirements. This is crucial for banking and financial professionals who want to stay ahead in the field of instant payments, ensuring their practices are compliant with Regulation E and effectively managing risks associated with real-time payment platforms.

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