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’s bank credits the payee’s account, which then makes the funds available to the latter. In fact, the transactions themselves are irrevocable.
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