5 Ways financial institutions can prepare for FedNow
In today’s fast-paced world, consumers want to send and receive money at the click of a button. According to a 2020 Federal Reserve survey, three in four businesses and two in three consumers think that their bank or credit union should offer faster payments.
Financial institutions can meet this demand by building and offering instant payment services using the FedNow Service. Still, widespread adoption of the service has been slow as conscientious bankers carefully consider what it will take to implement FedNow at their institutions. But where to begin?
This infographic will guide you through initial steps to take on your path to preparing for instant payments, including:
- Understanding FedNow’s features
- Assessing administrative and procedural needs
- Planning customization to suit your unique risk profile
Download this infographic to show your board of directors and leadership an outline of what it will take to prepare for FedNow at your institution.
Take a look at our additional resources: