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Fed Says FedNow Early Adopters Pave Path to Instant Payments
Three months until the U.S. payments ecosystem changes forever.
In July, the long-awaited FedNow service launches, and its real-time rail will speed up money movement between accounts, transform bill payments and bring instant payments to a variety of use cases yet to be imagined.
As 1st Source Bank Vice President of Cards, Payments & Strategy Jim Hunt; Finzly founder and CEO Booshan Rengachari; and Federal Reserve SVP, Head of Payments Industry Relations Connie Theien told PYMNTS, collaboration has been, and will be, critical in the months and years ahead.
“This is a ‘first to market’ for all of us,” said Hunt. “There’s no path to follow – and we’re building this as we go.”