FedNow Audit

FedNow, the Federal Reserve’s new Instant Payment service, offers senders instant clearing capability, receivers instant access to received funds, and instant settlement to participating FIs.  Wespay Advisors has leveraged its Instant Payments expertise to create a FedNow audit designed to evaluate the effectiveness of your organization’s FedNow controls and mitigate risk.

Every FedNow audit includes an exit meeting to share findings and provide recommendations for improving your internal policies and procedures.

The FedNow audit will include focus areas such as:

General Participant Responsibilities

• Participant’s Policy
• Service Continuity
  Disclosures
• Negative List requirements

Receiving Participant Obligations

• Message receipt
• Exception processing
• Notices to beneficiaries

Sending Participant Obligations (if applicable)

• Message processing
• Business Onboarding
• Fraud prevention

Requestion for Payment

• Requestion for Payment Policy

Benefits of our FedNow Audit Service:

• Knowledgeable and experienced auditor will work with your team to perform the audit and provide staff training to learn critical aspects of conducting a FedNow Audit.
• Identify procedures and controls that can be strengthened to mitigate risk and compliance with Operating Circular Eight and the FedNow Operating Procedures.
• An effective audit can serve as an early warning barometer and zero in on specific areas requiring additional attention to help prevent future issues.

Why Choose Wespay Advisors?

Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.

Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.