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Operational Readiness for the FedNow® Service

As part of the FedNow Service onboarding process, each participant is required to attest to their Operational Readiness in order to participate in the service. This attestation references the following extensive documents. Alloya has reviewed these documents and compiled summaries to call your attention to the most important information.

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OFAC Sanctions Screening for FedNow

OFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?

Up until recently, it’s been unclear whether FedNow℠ instant payments will face OFAC (Office of Foreign Assets Control) sanctions screening. Financial institutions anticipated FedNow℠ instant payment would face similar regulations as The Clearing House’s RTP® network, where financial institutions are required to integrate to sanctions screening in real time. However, Operating Circular No. 8 – “Funds Transfers Through the FedNow℠ Service” – includes clarification on sanctions screening obligations for FedNow℠ participants.  

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