FedNow for Sponsor Banks
Inlcude real-time payments for your account holders.
Going Live with FedNow at TabaPay
The following diagram provides an overview of all the responsibilities that you must fulfill as a Sponsor Bank before you go live with processing FedNow transactions with TabaPay.
- Onboard with the FedNow Service
- Setup your FedNow Account and reserves
- Develop your onboarding process for your customers
- Connect to the FedNow Receive API
- Fully integrate with FedNow Service
- Finalize FedNow Service
- Go live as a FedNow enabled bank
Sponsor Bank Responsibilities
FedNow Use Case | Responsibility | Required? |
|---|---|---|
Financial Reconciliation and Settlement |
| Yes. |
Receiving FedNow Messages - Standard |
| Yes |
Receiving FedNow Messages - Others | Receive all other FedNow Messages (Request For Pay, Request For Information, etc.) | No |
Sending FedNow Messages |
| No |
API Integration with TabaPay
Sponsor Banks will be required to integrate with TabaPay for inbound and outbound credit transfers.
- For integration requirements for Inbound or Receive, please refer to FedNow - Inbound or Receive.
- For integration requirements for Outbound or Send, please refer to FedNow - Outbound or Send.
Boarding Sponsor Bank customers for FedNow
Refer to Boarding Bank or ISO Customers for details on how TabaPay approaches boarding bank customers to TabaPay.
Note: Details will vary for FedNow
Sponsor Bank merchant integrations with FedNow will be based on the outline provided here FedNow for Non-Bank Clients.
FedNow for Sponsor Banks
Updated 2 days ago