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FedNow 101: The Basics of the FedNow® Service

Electronic Format

The flagship introduction to the FedNow® Service. Across three sections and twenty classes, complete with a midterm, a final exam, and a graduation, this workbook takes learners from "what is FedNow?" to confidently explaining participation types, settlement, and messaging to their own teams.

Inside the book
Section One introduces the FedNow Service, its participants and special participants, payment flows, payment types, and participation types for financial institutions. Section Two covers settlement and liquidity management: master accounts, balance reconcilement, Liquidity Management Transfers (LMTs), and FedNow reports. Section Three rounds out the basics with cycle dates and rollover, the timeout clock, rules and regulations, ISO® 20022 basics, and risk and fraud fundamentals, including the FedNow fraud toolkit of participant negative lists and account activity thresholds.

Who it’s for
New and cross-training staff at banks and credit unions, operations and payments teams, and anyone evaluating or preparing for FedNow participation. Ideal as a structured onboarding program with built-in knowledge checks. Anyone preparing for the AFPP (Accredited Faster Payments Professional) exam.

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Format: PDF

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