Independent Banker - March 2023 - 20

PORTFOLIO
FOCUS PAYMENTS
FedNow resources:
It's go time
The time has come for the long-awaited FedNow launch. As community
banks navigate this process, there are plenty of resources available to
answer questions and provide guidance. By Colleen Morrison
etween May and July of this
year, non-pilot instant payment
transactions will be live on FedNow,
the first new Federal Reserve
payment rail in more than 40 years.
After much strategy, planning and
discussion, the implementation
phase has arrived.
" As we near launch, I'm reminded
of where we started, " says Nick
Stanescu, senior vice president
and business executive of the
FedNow Service. " The decision to
build the FedNow Service was the
result of a multiyear initiative of
collaborating with the industry to
explore ways to modernize the U.S.
payment system. "
He notes that the launch of
FedNow will represent a major
landmark in modernizing and
improving the U.S. payment system.
" Importantly, this will level the
playing field by allowing financial
institutions of every size to benefit
from safe and efficient instant
payments, " he adds.
Three sources of information
on FedNow
As community banks look to take
advantage of this new opportunity,
they seek resources to help them
navigate the journey. With that in
mind, industry experts agree there
are three key sources of information
to support banks in honing their
instant payments plans.
1. FedNow Explorer
The Federal Reserve launched
the FedNow Explorer (explore.
fednow.org) to help financial
institutions establish their
individual evaluation and
implementation needs. Offering
a guided journey, a self-explore
option and a quick link to
resources, this site incorporates
the latest news and information
B
20 // ICBA Independent Banker // March 2023
Photo by Ismail Rajo/iStock

http://www.fednow.org

Independent Banker - March 2023

Table of Contents for the Digital Edition of Independent Banker - March 2023

Table of Contents
Independent Banker - March 2023 - Intro
Independent Banker - March 2023 - Cover1
Independent Banker - March 2023 - Cover2
Independent Banker - March 2023 - Table of Contents
Independent Banker - March 2023 - 2
Independent Banker - March 2023 - 3
Independent Banker - March 2023 - 4
Independent Banker - March 2023 - 5
Independent Banker - March 2023 - 6
Independent Banker - March 2023 - 7
Independent Banker - March 2023 - 8
Independent Banker - March 2023 - 9
Independent Banker - March 2023 - 10
Independent Banker - March 2023 - 11
Independent Banker - March 2023 - 12
Independent Banker - March 2023 - 13
Independent Banker - March 2023 - 14
Independent Banker - March 2023 - 15
Independent Banker - March 2023 - 16
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Independent Banker - March 2023 - 18
Independent Banker - March 2023 - 19
Independent Banker - March 2023 - 20
Independent Banker - March 2023 - 21
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Independent Banker - March 2023 - 26
Independent Banker - March 2023 - 27
Independent Banker - March 2023 - 28
Independent Banker - March 2023 - 29
Independent Banker - March 2023 - 30
Independent Banker - March 2023 - 31
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Independent Banker - March 2023 - 33
Independent Banker - March 2023 - 34
Independent Banker - March 2023 - 35
Independent Banker - March 2023 - 36
Independent Banker - March 2023 - 37
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Independent Banker - March 2023 - 40
Independent Banker - March 2023 - 41
Independent Banker - March 2023 - 42
Independent Banker - March 2023 - 43
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Independent Banker - March 2023 - 45
Independent Banker - March 2023 - 46
Independent Banker - March 2023 - 47
Independent Banker - March 2023 - 48
Independent Banker - March 2023 - 49
Independent Banker - March 2023 - 50
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Independent Banker - March 2023 - 53
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Independent Banker - March 2023 - 55
Independent Banker - March 2023 - 56
Independent Banker - March 2023 - 57
Independent Banker - March 2023 - 58
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Independent Banker - March 2023 - 60
Independent Banker - March 2023 - 61
Independent Banker - March 2023 - 62
Independent Banker - March 2023 - 63
Independent Banker - March 2023 - 64
Independent Banker - March 2023 - 65
Independent Banker - March 2023 - 66
Independent Banker - March 2023 - 67
Independent Banker - March 2023 - 68
Independent Banker - March 2023 - 69
Independent Banker - March 2023 - 70
Independent Banker - March 2023 - 71
Independent Banker - March 2023 - 72
Independent Banker - March 2023 - 73
Independent Banker - March 2023 - 74
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Independent Banker - March 2023 - 78
Independent Banker - March 2023 - 79
Independent Banker - March 2023 - 80
Independent Banker - March 2023 - Cover3
Independent Banker - March 2023 - Cover4
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