6 PHASES

Financial institutions go through several phases to prepare for and ultimately go live with
the FedNowSM Service. While each organization’s path to instant payments is unique, this
document shows key activities and decisions many take along the way. At each step of your
of the FedNow Service journey journey, Federal Reserve relationship managers are available to assist.

LEARN ENGAGE PREPARE COMMIT ONBOARD GO LIVE

Dig deeper into how instant Start preparing for instant Decide to adopt the Sign up for the FedNow
Learn about instant payments Be ready to send and/or
Overview and the FedNow Service
payments can impact your payments and assess your FedNow Service and get Service and go through
receive transactions
organization and customers organization’s readiness ready to onboard onboarding

• Explore educational • Join the FedNow • Review readiness guides • Develop a project plan • Discuss your project • Validate production profile
resources on Community and information • Determine connectivity and plan with your assigned • Schedule go-live date
FedNowExplorer.org • Consider instant payment • Contact your Federal participation type onboarding manager • Publicly announce you’re
• Sign up for FedNow News products and services you Reserve relationship • Identify core payment • Review and sign OC 8 now offering instant
Activities • Hear from FedNow Service might offer that clear and manager to take an systems that will connect agreements payments
and speakers at industry settle through the FedNow assessment to the service • Answer onboarding • Enjoy the benefits instant
conferences Service • Get buy-in from internal • Ensure your organization questions about how you’ll payments bring to you and
Decision
• Mobilize a cross-functional team and determine lead can handle real-time connect to the service and your customers
Points internal team to prepare for times to get ready for posting and make funds settle transactions
instant payments, assess instant payments available immediately • Gather information
readiness and define roles • Talk to service providers • Determine how you will • Establish connectivity
and vendors settle transactions • Access and test
• Attend FedNow events

FedNowExplorer.org FedNowExplorer.org FedNowExplorer.org FedNowExplorer.org Onboarding Tool and Guided FRB Services Support Center
• Instant Payments • Use Case Arena • Service Readiness Guide • Connectivity at a Glance Onboarding • 1-833-FRS-SVCS (377-7827)
University • Preplanning Roadmap • Planning Office • Connectivity Guide • FedNow participants get
• Welcome Plaza • Community Sign Up • ISO® Education FRBservices.org access to the Onboarding
• Upcoming Conferences • Service Provider Showcase • Operating Procedures Tool and work with an
Resources • FedNow News Sign Up • Operating Circular 8 (OC 8) onboarding manager

MyStandards Early Adopter Hub

• ISO Specifications and • Onboarding and testing
Guides on MyStandards resources
• Technical specifications
• Recorded webinars

For even more resources and information, visit FedNowExplorer.org.

The Federal Reserve Financial Services logo, “FedNow,” and “FRBservices.org” are service marks of the Federal Reserve Banks. A list of marks related to financial services offered by the Federal Reserve Banks is available at FRBservices.org. “ISO” is a registered service mark of the International Organization for Standardization.
© 2023 Federal Reserve Banks.