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2. Providers

Can you use more than one provider? The answer is yes. With FedNow^SM your organization can utilize one sending point and multiple receiving points. However, keep in mind that your sending and receiving points can be the same provider. You organization will want to decide how you are going to connect to the service and start having conversations regarding implementation sooner rather than later.

3. Set Up

Even if your organization isn’t going to offer sending capabilities right away, you should consider getting set up for it sooner rather than later. This is largely because you don’t want to be stuck in a waiting line later. Consider partnering with a provider that will allow you to receive and send without necessarily turning on the send piece right away.

4. Policies and Procedures

Your organization will want to ensure your policies and procedures reflect what you say you’re going to do (and you should be doing it). It’s imperative that your policies and procedures regarding FedNow^SM are compliant with all applicable rules and regulations.

5. Fraud

Remember, the entire FedNow^SM clearing and settlement of a transaction takes 20 seconds to complete. So, don’t forget to look at your anti-fraud software to ensure it is able to flag suspicious items in real time.

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