The Federal Reserve’s FedNowsm Service, a new instant payments infrastructure for the nation’s financial institutions (FIs), is expected to catalyze broad access to instant payments for consumers and businesses. When it launches later this year, the 24/7 service will come equipped to support popular use cases such as account-to-account (A2A) transfers and bill pay, in addition to features that help mitigate fraud.
According to Nick Stanescu, senior vice president and FedNow business executive, Federal Reserve Financial Services, fraud management features are a high priority for FIs and are being tested along with transaction flows in the countdown to launch.
“We’re making great progress, finalizing development of the first release in anticipation of our go-live date in the May to July timeframe,” he told PYMNTS.