The March 2023 report outlines steps for CIOs and CTOs in community banks and credit unions to prepare for FedNow’s 2023 launch and adoption of real-time payments. It recommends integrating FedNow into technology blueprints with roadmaps from current to future state architectures. A holistic review of processes, regulations, and system readiness is essential, covering ISO 20022 messaging, core system capabilities, portal and mobile redesign, connectivity models, real-time availability impacts, disaster recovery, regulatory compliance, and phased use case selection to mitigate operational, technical, and regulatory risks.

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