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Always On Failover Cluster instances (ie SQL Server Failover Cluster(FCI)) is a technology based on Windows Server failover cluster(WSFC). It deploys SQL Server on multiple nodes in the Windows failover cluster, and then forms a virtual SQL Server instance . When installing SQL Server, install it in cluster mode.
Yes, according to official document--Features Supported by the Editions of SQL Server 2014, the SQL Server 2014 Standard supports Always On Failover Cluster Instances((two nodes)). Using SQL Server 2014 Standard edition to set up an Always On failover cluster instance is the same operation as the Enterprise edition, except that the Standard Edition only supports two nodes in a WSFC.
The first link below is an TechNet article about how to setup an Always On Failover cluster instance step by step, but you can also refer to the successful configuration experience shared by others on the network. as follows:
SQL Server 2014: Step by Step Guide to Setup a Failover Cluster Virtual Lab
Step-by-step Installation of SQL Server 2016 on a Windows Server 2016 Failover Cluster -- Part 1 & Part 2 & Part 3
Hope this could help you.
Best Regards,
Cris