$305.00 – $705.00
Date Recorded: December 21, 2022
Presenter: Mark Dever, AAP, CAMS, DIrector, FORVIS, LLP
A two-hour webinar to identify and discuss ways to take advantage of the new FedNowSM Service, a real-time, gross settlement service that will be operated by the Federal Reserve (Fed).
On August 29, 2022, the Fed announced it has narrowed the timing of the FedNowSM launch to “mid-year 2023, targeting a rollout of the service in the May to July timeframe”. On October 01, 2022, the final amendments to Regulation J took effect, which recognizes that the Fed will be operating another funds transfer system in addition to the FedWire® funds transfer service. Although depository financial institutions (DFIs) will not be “required” to participate in the FedNowSM process (just as DFIs are not required to participate in FedWire® or FedACH®), DFIs choosing not to receive instant payments may find themselves at a competitive disadvantage in their respective markets. This webinar will focus on the opportunities and issues as implementation grows closer.
Here’s What You’ll Learn:
The FedNowSM Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. Through financial institutions participating in the FedNowSM Service, businesses and individuals will be able to send and receive instant payments conveniently and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.
This webinar will be of most value to members of the retail, operations, product management, fed position management, and compliance communities. The webinar will also be helpful to senior audit managers.
Program Level: Basic
Prerequisite: Basic Knowledge of BSA/AML Regulations
Advanced Preparation: None
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.