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08/01/2024
Why New Use Cases Like Pay by Bank Will Fast-Track FedNow
PYMNTS
Since the FedNow® Service went live last July, more than 900 have banks have signed up, per the Federal Reserve.
Is that a good number?
Keith Olson, vice president of ACH and online banking at Nuvei, said FedNow has some accomplishments to tout as it celebrated its first year July 20, but the killer use case that will push instant payments toward ubiquity has proven elusive.
There have been key differences in the approaches toward getting financial institutions (FIs) to embrace and promote real-time transactions, especially debit transactions, Olson said. In Europe, for example, the push has been arguably from the top down, where central banks have directed FIs to sign on to their various payment schemes.
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