Training Program
BBOK is utilizing GoTo Webinar to manage the FedNow, Know Now training program. You may be asked to complete a basic registration form which includes first and last name and email address.
Webinar Recording:
BBOK Webinar: FedNow, Know Now Training Launch with Payments Professor
In this webinar BBOK and Kevin Olsen, Payments Professor, launch the FedNow, KnowNow training program. The Payments Professor covers FedNow infrastructure, payment flow, use cases, settlement and other topics related to the FedNow Service.
Workbook:
Payments Professor – FedNow, Know Now Workbook
Follow along with the workbook, pausing to answer the questions, then checking your answers with the Professor during the review. And in case you miss a response, the answer key is in the back of the workbook.
Training Videos:
Welcome to the FedNow, KnowNow Course!
Join the Payments Professor to answer the questions everyone is asking about FedNow:
- What is the FedNow service?
- Who can and how will they access the FedNow network?
- Why now, and when will it be available?
- What features and functionality will be included?
- What does this mean for other faster payment options?
- What should we be doing now to prepare?
Where and when to begin? Here and now are the basics of FedNow. This introductory class will help you start your FedNow journey by introducing you the FedNow service. After this class, you can give others a basic understanding of what FedNow is and how it works.
Class 2: What features will be in the FedNow Launch?
When the FedNow service launches, what features and functionalities will be available in the initial rollout? Faster payments could mean faster fraud, FedNow will have tools that will help financial institutions fight fraud and protect the integrity of payments. What are those tools? What other features and functionality are expected to be available with the initial launch of the FedNow service?
Class 3: How will you access FedNow?
How will you access FedNow? Well, that depends on if you are consumer, business, bank, credit union, service provider, or fintech. Like many other options available from the Fed, there will be options on how different entities can gain access to the FedNow service.
Class 4: What types of payments will available in FedNow?
Every payment system has a purpose and a way of proving use cases and payment solutions. Many of these channels are defined by the types of payments they can transmit. What are the payment types that the FedNow service solves? Learn more about the payment types available in the FedNow service.
Class 5: How do FedNow Instant Payments work?
Every payment channel has a rhyme and reason for how transactions flow and are processed within that channel. While the specifics of how transactions flow differ between payment systems, there is always a process in place. The FedNow service and most other faster payment systems are credit push-only payments. So, how do the payments flow and process? In this class, we will start our journey on understanding the process and flow of faster payments.
Class 6: How will FedNow payments flow?
How will payments through the FedNow service flow? What will happen at each step of the payment? When is there a transfer of funds, and when is there a transfer of information? Understanding the process and flow of payments is critical for all payment channels. It assists us in determining who is responsible and what occurs at each process step.
Class 7: How will FedNow impact the Banking Industry?
What does the FedNow service mean to the industry, how does it fit in, and how will it compare to other payment channels? How did we even get here? There is some history of faster payments packed into this class and a little introduction to other faster payments. Learn more about how the FedNow service impacts and will continue to move the banking industry and what it took to get to where we are now.
Class 8: Is FedNow a Closed or Open Loop System?
Is the FedNow service a closed-, or open-loop system? What is the difference between a closed-loop and open-looped payment system? Learn how closed and open-loop payment systems work, the differences, and what kind of system the FedNow network will be.
Class 9: Will FedNow be Deferred or Real-Time Settlement?
What is the difference between deferred and real-time settlement? Which one will the FedNow service use? When do the funds move in each system? What are the risks, and what are the benefits?
Class 10: What are the FedNow benefits for consumers?
What are the benefits of the FedNow service for consumers? What are the benefits of faster payments? From just-in-time payments to moving money between accounts and surviving until payday, the Payments Professor explains the many ways that consumers will benefit from having access to the FedNow service.
Class 11: What are the FedNow benefits for businesses?
In the last class, we discussed how faster payments through the FedNow service will benefit consumers. In this class, we will continue that discussion and see how consumer benefits help a business. Plus, there are additional benefits for businesses, especially with cash management and payroll opportunities, as well as supply chains and others.
Class 12: We have RTP, why did the Fed create FedNow?
Many have said we already have a faster payment option, a real-time payment option, and a faster real-time payment channel with RTP™from The Clearing House, so why do we need the FedNow service? Many believe the Federal Reserve should never have created a competitive faster payment option. Still, there are many reasons why the Fed had to go ahead with building the FedNow network. Learn more about why we need the FedNow service now!
Class 13: What do we want from FedNow?
In an earlier class, we discussed the features and functionality available from the FedNow service at launch. Still, there are many additional features that the banking industry wants. To create the FedNow service, the Federal Reserve requested input from the banking industry. In this class, the Payments Professor reviews requests from the industry, comments from input received by the Fed, and potential features and functionality that may be available in future releases of the FedNow network.
Class 14: What about Funds Availability, Bill Pay and Fraud?
Every payment channel has challenges, and the FedNow service is no exception. When and how will financial institutions be required to make funds available to recipients? Suppose the FedNow network is a credit-only push payment system. How will businesses be able to collect bills and invoices? And finally, the Payments Professor will address some of the Federal Reserve’s plans regarding fraud and the FedNow service.
Class 15: Now, what is the FedNow Service?
We started the course with an introduction to “What is the FedNow service?” Since then, we have learned much more about how FedNow will work, its benefits, and why we have it. Join the Payments Professor to put everything together in a deeper dive into what the FedNow service is.
This course prepares you to discuss FedNow. This class will prepare you for that discussion with staff, your financial institution, senior management, the board, and most importantly, account holders.
Class 16: FedNow, Know Now Final Review
It’s time to test your knowledge of the FedNow service! It is time to review the most common questions associated with the FedNow network and provide the answers. What are the questions everyone wants to know? In this Payments Professor Pop Quiz, or should we say FedNow Know Now Final. Time to check your workbook to see how you did! This has been an incredible journey to learn more about FedNow, and there is more to come. See you in a future class!
Congratulations, You have made it to the end of class!
Bonus: Preparing for the FedNow Service Top 10
The FedNow service is coming soon, and it is time to start preparing. How do you go about getting ready? What should you be doing, and what can you do now? Join the Payments Professor as he tells you the top five things you can do to prepare for the FedNow service.