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.

  1. Onboard with the FedNow Service
  2. Setup your FedNow Account and reserves
  3. Develop your onboarding process for your customers
  4. Connect to the FedNow Receive API
  5. Fully integrate with FedNow Service
  6. Finalize FedNow Service
  7. Go live as a FedNow enabled bank

Sponsor Bank Responsibilities

FedNow Use CaseResponsibilityRequired?
Financial Reconciliation and Settlement1. Subledger account within the FedNow Federal Reserve Account
2. Real-time totals of all merchant FedNow accounts
Yes.
The sub-ledger account must always have a positive net position
Receiving FedNow Messages - Standard1. Receive FedNow Credit Transfers
2. Receive FedNow Requests for Reversals
Yes
To be an FedNow Participating Bank, bank must have the ability to receive both messages.
Receiving FedNow Messages - OthersReceive all other FedNow Messages (Request For Pay, Request For Information, etc.)No
Sending FedNow Messages1. Originate FedNow Credit Transfers
2. Originate FedNow Request for Reversals
3. Originate all other FedNow Messages
No

API Integration with TabaPay

Sponsor Banks will be required to integrate with TabaPay for inbound and outbound credit transfers.

  1. For integration requirements for Inbound or Receive, please refer to FedNow - Inbound or Receive.
  2. 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



Questions? Contact Sales or make a post