What To Know Before The Launch of FedNow
As the demand for real-time payments grows, so does the need for financial institutions to offer more robust access to faster and more efficient payments. The Clearing House’s RTP network laid a solid foundation for use cases and connectivity protocols, but some FIs have been waiting for FedNow before deciding how to move forward. FedNow is finally about to launch.
This paper is about the Federal Reserve’s announced plans to develop FedNow, a real-time payment and settlement service with clearing functionality to support faster payments throughout the United States.
Key takeaways from the study include the following:
- How FedNow creates more choice in the market
- System features, use cases, and business and technology strategies that all industry professionals need to be aware of
- How financial institutions must adapt to a true multi-network, real-time 24×7 world
FedNow is expected to launch mid-year in 2023. Are you prepared?
Brought to you by: