The time has come for instant payments implementation planning. With the Federal Reserve’s FedNow℠ Service launching next year, financial institutions are kicking off efforts to not only plan for but also to integrate this capability into their infrastructure. But with much still to be revealed on the inner workings of FedNow, how can an FI dive into the details?
As one key tool in the early preparation toolbox, FedNow Explorer serves as a guide to help financial institutions and service providers prepare for a faster payments future. In no time at all, you can find information to support you throughout any phase.
In fact, I uncovered the following five key resources in just five minutes:
- A FedNow Service Preplanning Roadmap
The FedNow Preplanning Roadmap provides a good overview of faster payments, the opportunity for your institution and your customers/members, and how to work internally to support and move your faster payments objectives forward.
- A FedNow Service Readiness Roadmap
Third-party providers are also getting ready to support FedNow implementation and ongoing needs, and the FedNow Service Readiness Roadmap is the perfect tool to help you engage the right providers. It contains the key questions you should be asking to ensure a great fit.
- The Solution Provider Directory
FedNow Explorer also provides users with a listing of more than 70 faster payments solution providers. Users can scroll through types of services offered, including functionality support for FedNow once launched and compatibility with core platforms. And what’s more, you can filter solution providers based on certain criteria, helping you quickly identify those that may best meet your needs.
- An Understanding of the FedNow ISO 20022 Specs and How to Access Them
As I’m sure you’ve heard, FedNow will be using the ISO 20022 specification. But what does that really mean? FedNow Explorer provides an easy-to-follow explainer on what it is, why it’s important and how it is being used with FedNow. And once you’re ready, you can also access the specific ISO 20022 standard from FedNow Explorer and test your messages for compliance with the standard.
- A FedNow Service Q&A
If after reviewing the resources available in FedNow Explorer you still have questions, take a look at the “Asked and Answered” tool. It contains a listing of about any question you can imagine regarding the FedNow Service and a detailed response. And if a topic is not covered, you can submit specific questions or find additional information in the Federal Reserve’s “Asked and Answered” blog that will address new and emerging topics regarding the service.
These are just five quick examples of what’s available on the FedNow Explorer site, and if you aren’t exactly sure which resources you may need, FedNow Explorer also offers a guided tour that will walk you through everything based on who you are (financial institution or service provider) and what you’d like to learn.
The countdown has begun; 2023 will be here before we know it—and so will the launch of FedNow. Now’s the time to make sure you and your organization are starting preparations, using FedNow Explorer as a key source of information.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.