FedNow Coming Sooner Than Expected
Federal Reserve recently announced the launch date for FedNow will be pushed up by a full year. The instant payments platform will revolutionize real-time banking and settlements, but will undoubtedly cause major headaches for fraud departments.
FedNow will provide real-time inter-bank clearing and settlement. It appears the Fed will move up the launch date because of heavy criticism that the U.S. banking system is falling behind other nations, in terms of real-time payment and transfer systems.
Be sure your financial institution is ready for FedNow. With the launch date moved up an entire year, time is running out. Your fraud department should be preparing immediately.
Visit ToolCASE to learn what steps you need to take to be fully prepared.
Or, you can read the full news story HERE