Each financial institution’s path to instant payments is unique, although many organizations go through similar phases as they prepare to implement the FedNow Service. Here’s an overview of six common phases of the FedNow Service journey:
- Learn — Get to know instant payments and the FedNow Service
- Engage — Dig deeper into how instant payments can impact your organization and customers
- Prepare — Start preparing for instant payments and assess your organization’s readiness
- Commit — Decide to adopt the FedNow Service and get ready to onboard
- Onboard — Sign up for the FedNow Service and go through onboarding
- Go Live — Be ready to send and/or receive transactions
Download this new resource (Off-site) to find out more about these phases and resources available to help facilitate your journey to instant payments.