Top 10 Misconceptions about the FedNow Service

The 2023 launch of the Fed’s new real-time payments rail, the FedNow® Service, is drawing near. However, there are still many misconceptions about what’s to be expected.

In this CUInsight hosted webinar, Joni Hopkins, Vice President, Product and Relationship Management Group at Federal Reserve Financial Services, and Mark Majeske, SVP Faster Payments at Alacriti reviewed the top ten misconceptions in the market about the FedNow Service.

Some of those misconceptions included:

• My credit unions has to offer all use cases for members to see a value
• It’s mandatory to open a separate account with the Fed
• Processing real-time payments is more expensive than processing Same Day ACH
• A brand new fraud system for instant payments is a must

Watch the webinar playback now to get the facts, as well as an overall update about the FedNow Service.