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 during this Course 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.