WesPay Town Hall: FedNow
- Registration Closed
On August 5, 2019, The Federal Reserve Board of Governors announced plans to develop a new real-time payments system that will operate 24x7x365 and connect financial institutions across the U.S. The Fed cited consumer and business demand for faster payments and the growing reality that the U.S. is lagging behind other developed countries as the driving factors in their decision to take action. The new service will be branded FedNow℠ and is expected to be available in 2023 or 2024.
Because this has the potential to significantly impact your organization, WesPay is undertaking efforts to solicit members’ input in an effort to incorporate your thoughts in our response to the Fed:
• October 10, 2019 town hall
• October 17, 2019 WesPay’s Rules Advisory Council will meet to formalize WesPay’s response to the RFC. This event is open only to Advisory Council participants.
An outline of the key themes of the FedNow service will be presented for members’ consideration, including:
• Credit push model
• Timing of the clearing, settlement, and availability of funds
• Proposed transaction limits
• Irrevocability of funds
• Opening/closing times
• Interoperability with The Clearing House’s Real Time Payments Service
• Participation cost considerations
• Expanding Fedwire Funds and National Settlement Services
• Fraud concerns
Chris Selmi, AAP, CRCM
SVP, Risk & Regulatory Compliance
Chris is a recognized industry expert in managing payment-related regulatory impacts and risk mitigation. He consults to financial institutions to develop processes and programs to facilitate compliance with payment law and regulation and industry standards. Prior to joining WesPay, Chris spent sixteen years at Bank of America in the electronic payments group where his responsibilities included operations management, project support, and client and application testing and where he served as the compliance and regulatory control manager for both ACH and Wire payments.
Chris served as Bank of America’s representative on the WesPay Board and as the Chair of WesPay’s Rules Advisory Council and the Risk Management Advisory Council. He is a member of NACHA’s Risk Management Advisory Group.
Chris holds the designation of Accredited ACH Professional (AAP) and Certified Regulatory Compliance Manager (CRCM).