Final means final, until something goes wrong. This guide shows FedNow® participants how to handle the exceptions that do happen: rejects, Accept Without Posting, missing messages, return requests, and payment returns, built on Regulation J, Operating Circular 8, and the FedNow® Service Operating Procedures. A companion manual of sample policies and procedures turns it into written procedures your institution can adapt.
Inside the book
Fourteen chapters in four parts: how FedNow® exceptions work (finality, the exception message map, accept, reject, Accept Without Posting and time-out, and what to do when messages go missing); the return request and the payment return (sending, receiving, investigating and responding, moving the money back, information requests, and second tries); fraud, warranties, and risk tools (fraud reporting with FRAD and FR01, Request for Payment warranty claims, indemnity, liability and Article 4A, and the risk tools that prevent exceptions); and putting it into practice, with policies and procedures, FAQ, and lessons learned. The Sample Policies and Procedures manual adds a governing exception processing policy, Sender FI and Receiver FI procedures, procedures for both sides, clocks and deadlines at a glance, a message map and code reference, and forms, all with fill-in placeholders and review decision points.
Who it’s for
FedNow® operations and exceptions staff, their managers, and the compliance, fraud, BSA/AML, and risk professionals who write and approve exception processing policies. The sample policies are a starting point and must be reviewed and approved by your institution before use.
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Format: PDF
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