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Complete Story
07/24/2024
First the Launch, Then the Execution: FedNow Turns One
PYMNTS
It’s easy to generate buzz — harder to generate results.
As PYMNTS continues to interview key executives about the first year of the FedNow® Service, it’s apparent that the Federal Reserve’s instant payments network has done both, and its customers are grateful.
Eric Foust, vice president of banking partnerships for North America at open banking and pay-by-bank provider Trustly, told PYMNTS that one year into its lifecycle, FedNow has garnered a lot of attention, but the follow-through and embrace of instant payments will require significant education, especially for consumers.
“At its core,” he told PYMNTS, “the value proposition for a real-time payments network is the movement of money 24/7/365.”
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