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12/04/2023
Five Months in, FedNow Is ‘Doing What It Was Planned to Do’
PYMNTS
Five months since the FedNow® Service launched, Miriam Sheril, head of product, U.S. at Form3, told PYMNTS, there are some encouraging signs.
Although it is early days, “from my point of view, FedNow is doing exactly what it was planned to do,” said Sheril.
She noted that there are more than 200 institutions that have signed on to FedNow, and several service providers — Form3 included — have been certified to support those customers. She pointed out that The Clearing House’s RTP network has had roughly 300 to 400 financial institutions (FIs) on its platforms in the roughly six years since its launch.
“The fact that there are more than 200 [banks on FedNow] is a good sign,” she said, and the pipeline of banks expressing their intent and desire to use FedNow is healthy too. She added that banks looking at FedNow are still looking at RTP for resiliency. So, both networks are seeing increased adoption.
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