FedNow Instant Payments Starts to Take Shape
- Date:October 08, 2020
- Author(s):
- Sarah Grotta
- Research Topic(s):
- Debit
- PAID CONTENT
Overview
Approximately one year after the Federal Reserve Board of Governors (the Fed) announced its intent to become a real time payments operator, updates have been announced that give shape to what can be expected from FedNow Instant Payments.
The Fed is sticking to its planned deadline of 2023 or 2024 to offer a real time messaging and settlement system. It will take a staged approach to provide as much functionality to the market as quickly as possible. Plans do not yet articulate how FedNow and a competing solution from The Clearing House will coexist to reach all domestic account holders.
Book a Meeting with the Author
Related content
Cash Isn’t Dead: How ATMs Are Evolving to Secure a Digital Payments Future
Cash may no longer be the center of consumer payments, but it is far from irrelevant. As digital payments gain share, consumers still depend on cash for access, certainty, budgetin...
Beyond The Card: Preparing for the A2A Economy
Account-to-account payments will grow in importance, but they are unlikely to displace cards as the dominant retail payment method in the U.S. because consumers remain attached to ...
Debit Network Control: The Battleground Is No Longer Just Rates
Debit networks are being reshaped by regulation, shifting transaction mix toward e-commerce and digital wallets, and increased competition extending into card-not-present environme...
Make informed decisions in a digital financial world