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Operational Readiness for the FedNow® Service

By Margo Giles | July 10, 2023

As part of the FedNow Service onboarding process, each participant is required to attest to their Operational Readiness in order to participate in the service. This attestation references the following extensive documents. Alloya has reviewed these documents and compiled summaries to call your attention to the most important information.

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OFAC Sanctions Screening for FedNow

OFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?

By Neil Kumar | May 23, 2023

Up until recently, it’s been unclear whether FedNow℠ instant payments will face OFAC (Office of Foreign Assets Control) sanctions screening. Financial institutions anticipated FedNow℠ instant payment would face similar regulations as The Clearing House’s RTP® network, where financial institutions are required to integrate to sanctions screening in real time. However, Operating Circular No. 8 – “Funds Transfers Through the FedNow℠ Service” – includes clarification on sanctions screening obligations for FedNow℠ participants.  

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Real-Time Payments: What are they really?

By Jim Olney | May 24, 2022

Headline results from a recent payment survey caught my eye. The report indicated that 99% of credit union respondents offer real-time payments to their members. This comes from the April 2022 Credit Union Innovation Playbook, released in collaboration by PYMNTS and PSCU. Granted, only 101 credit unions participated in the survey. Even so, 77% stated they offer real-time payments to all members and 22% offer real-time payments to some of their members. That means only one survey respondent does not offer real-time payments!

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Real-Time Networks: What’s the difference between them?

By Margo Giles | April 29, 2022

Picture this. You’re out to dinner with a group of three friends. The bill is delivered to the table, and you offer to pick up the check. “No need to treat,” one friend exclaims! “I’m happy to send a Venmo,” proclaims another. Within seconds, you have three payments hitting your Venmo account. Feels pretty darn real-time, doesn’t it? Sorry to disappoint, but while they may be fast, Venmo payments are not real-time payments.

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