Comparing Faster Payment Options: Same Day ACH, RTP & FedNow
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
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, FFIEC, and OCC
- 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, FFIEC, and OCC. 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.
Presented By
Pidgin/Payments Professor
© 2024 FINANCIAL EDUCATION & DEVELOPMENT, INC
