Already in its pilot phase, the FedNow Service is a real-time settlement network developed by the Federal Reserve Banks that is scheduled to launch in 2023. Although it is not the first real-time payment rail, many credit unions have been waiting for the FedNow Service launch to implement real-time payments.

As 2023 draws near, many questions are coming up for financial institutions at all stages of real-time payment participation. In a CUInsight hosted webinar, credit unions had the opportunity to ask questions directly to Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti. Also provided was the latest information on FedNow and how to connect.