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07/19/2024
It’s the Network, Not the Rail: Ingo Payments’ Edwards Reflects on FedNow’s First Year
PYMNTS
Anniversaries are a time to reflect, evaluate and to anticipate what lies ahead. And so it is with the FedNow® Service, which celebrates a year in the marketplace on July 20.
As of now, about 700 banks have signed on to the new federal payments system infrastructure. The vast majority of those financial institutions (FIs) can only receive instant payments, not send them. And, of course, there’s a competing system, The Clearing House’s RTP® Network, which has already been operating for about seven years.
The roadmap toward ubiquity and toward mass adoption is clear — and will take time, given the fact that, taken together, the RTP and FedNow platforms cover about two-thirds of available accounts. As Drew Edwards, CEO of Ingo Payments, told Karen Webster: “There’s a long cycle of adoption required, first, with the banks and then with the enablers, and then with the businesses.
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