Comparing Faster Payment Options: Same Day ACH, RTP & FedNow

Auditing & Accounting Frontline & New Accounts Information Technology Marketing Operations Senior Management

On-Demand Webinar:

StreamedApr 23, 2024Duration60 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

See Registration Options

Thinking of joining the faster payments revolution and not sure which payment channel to choose?

Then this webinar is for you. It is designed to equip participants with a thorough understanding of the faster payment systems (Same Day ACH, FedNow, and RTP), their functionalities, regulatory compliance, and the critical distinctions between them.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Define the key characteristics of the Same Day ACH, FedNow, and RTP payment systems and understand their instant, real-time, final, and irrevocable nature, along with 24/7/365 availability
Distinguish between the payment systems and recognize differences in features, limits, and functionalities
Describe the payment flows and outline the processes from initiation to completion
Identify different types of payments handled by ACH, FedNow, and RTP
Assess the differences in the reporting and reconciliation processes in FedNow and RTP, along with detailed payment reconciliation reports
Comply with regulations/standards, including Reg E, CFPB, UCC 4A, OFAC, FinCEN, and FFIEC
Examine the audit and risk assessment procedures, including fraud reporting, the implications of unauthorized return rates, and compliance with Nacha's ODFI return rate reporting rule
Contrast the payment systems, highlighting their unique aspects, use cases, and operational implications

WEBINAR DETAILS

This insightful webinar will dive into the quickly evolving landscape of modern payment solutions, focusing on Same Day ACH, Real-Time Payments (RTP), and the Federal Reserve's innovative FedNow service. Exclusively for domestic use, these groundbreaking systems are revolutionizing financial transactions with instant, real-time capabilities, offering final and irrevocable credit-only transactions that are accessible 24/7/365, with immediate settlement and funds availability.

Key topics include the technical nuances of Same Day ACH files, the intricacies of payment flows and posting options in FedNow and RTP, and the procedures for ACH returns and reversals. The webinar will highlight the variety of payment types these systems accommodate, including C2C, A2A, C2B, B2B, B2C, and government transactions. It will also provide a comparative analysis of transaction limits and account management in FedNow and RTP.

In addition, this session will include a look into the regulatory environment surrounding these payment systems, with a brief overview of Regulation E, CFPB guidelines, UCC 4A, OFAC, FinCEN, and FFIEC. Emphasis will be placed on the reporting and reconciliation processes specific to FedNow and RTP, including detailed consideration of summary and payment reconciliation reports. Attendees will gain valuable insights into the operations of these three systems, covering topics like audits, risk assessments, and fraud reporting.

WHO SHOULD ATTEND?

This informative session will benefit payment operations managers, technology and innovation officers, treasury managers, IT directors and systems analysts, service managers, business development managers, and electronic banking product managers.

TAKE-AWAY TOOLKIT

Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.

TESTIMONIALS

"The Payments Professor is always clear and concise in his teachings. This webinar, Comparing Faster Payments Options is no exception. We joined this webinar to learn more about FedNow. The slides are well presented and easy to follow with and without attendance. I also appreciate the supplemental document that was provided."

- Katherine, Hawaii State FCU

Presented By

Kevin Olsen

Pidgin/Payments Professor

Related Webinars

Managing Instant Payment Risk & Fraud in the FedNow & RTP Networks