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per RFP message, charged to the requestor. Additionally, banks should create robust communication procedures with other banks in the FedNow network in order to resolve reversals and other issues quickly. Additionally, banks may be holding back because of the fees that come with participating in FedNow.
The operation of any business hinges on the procurement of essential goods and services from thirdpartyvendors. While Large businesses often have a centralized procurement department with its own employees and procedures. This may result in budgeting issues and deviation from compliance standards.
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