Remove FedLine Remove Irrevocability Remove Real Time Payments
article thumbnail

What Is FedNow & How Can Businesses Prepare for It?

Seon

The bank of the soon-to-be-paid employee sends back a request for payment (RFP) via the FedNow Service for the payer to confirm the transaction on their app. The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network. Let’s take a closer look at these downsides.

FedNow 40