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Fintech Insider Podcast by 11:FS
879. Insights: One year of FedNow: Has it changed payments in the US?
Jul 18, 2024
Host Kate Moody discusses the impact of FedNow with experts Dave Morris, Stephany Kirkpatrick, and Sam Aarons. They compare FedNow to global payment systems, address challenges, push payments in US vs. UK, and future implications. Explore adoption by top banks, push payment systems, and innovations in financial services. Discover the potential of FedNow and RTP technology for fraud prevention and data integration.
47:39
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Quick takeaways
- FedNow aims to offer instant fund transfers between accounts, setting it apart from legacy systems.
- Structured remittance data within ISO 20022 standards revolutionizes transaction traceability and security.
Deep dives
Introduction of FedNow as a New Instant Payment Service
FedNow was introduced by the Federal Reserve as a new instant payment service that promised 24/7, 365-day payments completing end-to-end in about 10 seconds, setting it apart from legacy payment systems. The Federal Reserve launched FedNow to reflect the real-time payment systems in other developed economies, aiming to offer instant fund transfers between accounts. With standardization of messaging standards like the ISO 20022, FedNow aims to bring faster, reliable payments in line with global counterparts.
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