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If you have made the decision to move forward with instant payments, here are some steps you can take to get started: 

·       Stay informed. Take time to explore all the educational resources and get a front-row seat to news and insights by joining the FedNow^® Service Community.

·       Identify use cases. Analyze market trends, customer demands and what your competitors are offering. Also, check out the Use Case Repository developed by the Faster Payments Council on our Instant Payments Resource Center webpage.

·       Plan. Develop a plan that outlines important milestones, timelines for meeting those milestones, conducting due diligence, determining risk appetite and deciding whether you want to build your own infrastructure or if you want to utilize a Third-Party Service Provider.

·       Coordinate with vendors. If you plan to utilize a Third-Party Service Provider, ensure they are prepared for the FedNow^® Service and can provide the necessary support you need.

·       Train staff. Educate your staff about the FedNow^® Service, how payments are processed, changes to existing processes, how to educate account holders and risk mitigation practices.

·       Test. Conduct thorough testing and validation of your systems and processes to ensure proper processing and address any issues or gaps.

·       Communicate with account holders. Talk to your account holders about the upcoming changes, added benefits and how they can leverage this new payment system. As with any payment system, account holder education is the best offense to fighting fraud.

If you would like more assistance on your faster payments journey, our team of experts would love to help! Our Faster Payments Launch Service provides consulting, education, tools and resources to simplify the faster payments planning process for financial institutions of all shapes and sizes. Click here to learn more or email us at advisoryservices@epcor.org with any questions or for a no-obligation quote.