As we gain insights from banks’ experience with the initial set of fraud tools, we will explore other tools that may be valuable, including centralized monitoring by the FedNow Service.
To provide visibility around this, there are a number of market-based initiatives to provide public registries where market participants can demonstrate their use of the Statement of Commitment. More broadly, market participants have a vital interest, and a role to play, in promoting and upholding good practices in the market as a whole.