Comparing Faster Payment Options:  Same Day ACH, RTP & FedNow 

Tuesday, April 23, 2024
11:00 am – 12:00 pm Eastern

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

SPEAKER

Kevin Olsen, AAP, NCP, APRP, CHPC, Pidgin/Payments Professor

For most of the past two decades Kevin Olsen has been managing the development and delivery of education services, including in-person, web conferences, and webcasts. Kevin creates programs, presentations, and articles designed to orient and educate financial professionals on electronic payment topics. As the “Payments Professor,” he brings enthusiasm and motivation to presentations. With a Master's in Industrial/Organizational Psychology, Kevin has honed his speaking and presenting skills to perfection, ensuring an unparalleled learning experience for attendees. He views the world as a classroom, which is exemplified in the “edutainment” ed-u-tain-mint (noun: when education is motivating, informative, and fun) style of training he uses to educate and inform all on the latest developments and trends in the fascinating world of electronic payments.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Financial Education & Development

If you are having issues with registering online, please contact CBAO's Education, Training & Special Events Coordinator, Malia Widder, (614) 610-1877.