What Is FedNow & How Can Businesses Prepare for It?
Seon
JULY 27, 2023
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. In fact, the transactions themselves are irrevocable.
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