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:
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FedNow is expected to launch mid-year in 2023. Are you prepared? Watch the on-demand webinar, The Race to Real Time, Don’t Get Left Behind.