In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Pidgin's Senior Vice President of Innovation Kevin Olsen to discuss faster payments and the FedNow service.
Faster payments, such as real-time payments (RTP) and FedNow, are transactions completed in seconds, available 24/7, and restricted to U.S. financial institutions. Since its launch in July 2023, FedNow has seen rapid adoption due to its public nature and industrywide development. Kevin highlights various use cases for FedNow, including person-to-person, account-to-account, and business transactions, as well as potential government and emergency uses.
Kevin and the Payments Pros hosts also discuss how financial institutions and fintechs can access FedNow, the onboarding process, and the areas in which faster payments can be improved.
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