Skip to main content
Real-time payments with FedNow

FedNow Instant Payments & Fraud Detection

Learn more about abrigo

FedNow instant payments

The value of FedNow for financial institutions

The FedNow Service enables community financial institutions to stay competitive by meeting instant payment demands. It helps reduce interbank obligations, expand market reach, and enhance customer experiences. 

Understanding FedNow and how it works

  • The sender initiates a payment.

  • The sender’s FI submits a payment request to the FedNow Service.

  • The FedNow Service authorizes the payment request.

  • The FedNow Service sends the payment request to the receiver’s FI.

  • The receiver's FI confirms with the FedNow Service that it intends to accept the payment.

  • The FedNow Service debits and credits the sender’s and receiver’s account.

  • FedNow Service notifies sender's and receiver's FIs to confirm successful transaction completion.

  • The receiver’s FI credits the receiver’s account.

    Additional messages between parties are possible for fraud mitigation.

" People and businesses want to send and receive money at the click of a button. In fact, 7 in 10 businesses and consumers think it’s important that their bank or credit union offer faster payments, according to 2022 Federal Reserve research."

- The FedNow Service

learn more

Abrigo can help

FedNow fraud detection solutions and resources

Many of Abrigo's 2,400 community bank and credit union clients plan to incorporate the FedNow Service into their product offerings. To support their needs, Abrigo is enhancing its fraud and AML/CFT solutions to include FedNow transactions, providing financial institutions the tools they need to protect their customers and their institution.


Comprehensive transaction screening

FedNow transactions will be seamlessly integrated as a specific transaction type within our platform. This will facilitate compliance with AML/ CFT and OFAC regulations. 

Our solution will also support front-line reporting of suspicious activities and provide robust customer due diligence functionalities alongside specialized scenario and typology analyses for other BSA requirements. 

Advanced account-level analysis

Our platform will include FedNow transactions in its out-of-pattern account-level analyses, focusing on detecting fraudulent activities as well as any other potential AML/ CFT violations. 

Abrigo aims to provide a robust defense against evolving financial fraud trends. This affirms our commitment to providing our customers with proactive risk mitigation.

Real-time risk assessments

Utilizing API-facilitated real-time inquiries and responses, we will provide immediate risk assessments to support the initiation of FedNow transactions via mobile and online banking platforms. 

This feature enables our clients to take immediate and informed action, such as blocking or delaying suspect transactions, to enhance the security of their operations. 

Abrigo resources
on FedNow Instant Payments

FedNow and compliance

Gain insights into AML/CFT compliance with FedNow instant payments.

READ THE BLOG

A guide to FedNow

A guide for financial institutions to implement FedNow.

Free download

Trending payment types and Regtech solutions

How emerging technology helps keeps bank compliant.

Learn more
abrigo blog

A credit union's guide to FedNow

A FedNow fraud prevention guide to help credit union AML and fraud teams.

READ THE BLOG
Abrigo Infographic

5 Ways financial instiutions can prepare for FedNow

Learn key takeaways for how financial institutions can be prepared for FedNow

Download Now

 

Fighting fraud with Abrigo

Combatting and reducing fraud takes dedicated focus and resources. The FedNow instant payment service is a powerful tool for supporting your financial institution. Abrigo is trusted by over 2,400 financial institutions and works to fight financial crime every day. Learn how FedNow and Abrigo go hand in hand.

Complete the form to be contacted about Abrigo & FedNow.  

Latest FedNow guidance and resources

Discover the most recent and valuable resources related to FedNow, offering essential insights, guidance, and perspectives on the transformative potential of instant payments.

  • Participating Financial Institutions  
    Access the list of  institutions participating in the FedNow service, providing an insight into the expanding ecosystem embracing this innovative payment system. 
  • FedNow® Technology Planning  
    Explore this resource offering guidance on technology planning related to the integration and utilization of FedNow. Gain insights into the technological aspects crucial for maximizing the benefits of instant payments.