The majority of banks and credit unions participating in the FedNow Service do so with the support of a partner provider. To advance your FedNow connectivity, take the following steps:

Identify a FedNow certified service provider who will ensure smooth onboarding with a ready-to-go solution. Target one that will integrate with your internal systems and your core. For a timelier experience, don’t wait on layered solutions from legacy providers; instead, identify reliable pre-wired, certified and tested connections so you can go to market faster.
Ensure your chosen partner offers solutions to meet today’s needs and tomorrow’s potential. For example, look for a provider that offers a payments hub. By using a unified API, payment hubs make it easy to integrate new payments. This not only simplifies orchestration but also allows FIs to customize workflows for seamless integration. Also confirm the provider offers a platform that’s constantly updated to meet new standards, regulations, industry innovation and customer expectations.
Collaborate with your selected provider to determine if you want to launch as receive-only or if you want to send as well. Many banks have chosen to start leveraging FedNow by receiving payments and then add the functionality of sending payments when the time’s right.
Create a to-go-market plan that aligns with informed implementation timing. Work with your partner to consider any third-party integrations you may need to create for customer/member-facing products or to manage risk. In addition, build in time to support internal training to confirm staff is ready to answer any questions on FedNow.