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.
Learn More About This Report & Javelin
Related content
Typecast for P2P: How Venmo and Cash App Are Expanding Beyond Paying Friends and Family
Popular person-to-person payment apps such as Venmo and Cash App pioneered the easy digital payment of friends and family with easy-to-use and engaging apps. The problem: Now, thes...
Consumer Debit Payment Choice: Understanding Debit Card User Preferences
Amid a dynamically changing landscape for payments, debit remains a steadfast performer, serving as a workhorse payment method for everyday transactions. As consumer behavior shift...
An Executive Order: What’s the Impact of Eliminating Government Check Payments?
An order by President Donald J. Trump to eliminate the issuance and acceptance of paper checks by the government isn’t the first time an effort has been made to limit the use of th...
Make informed decisions in a digital financial world