July 24, 2023

Payment Security

Will FedNow Truly Rewire the US Payments Landscape?

The Federal Reserve's launch of an instant account-to-account payments system on July 20 is to the financial services industry like the Chicago Cubs winning the World Series after a 108-year drought was to baseball: highly anticipated and long overdue.

The new service has been hyped as a way to revolutionize in the U.S. approach to payments, thanks to the Federal Reserve's perception as a stable payments network provider and its access to a built-in customer base of thousands of national, regional and community financial institutions.

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