The world today looks very different than it did a decade ago with smartphones and high-speed internet driving a growing demand for fast and convenient payment options.
"Today, consumers want to send and receive money in seconds – also known as instant payments. The payments industry has worked quickly to meet this demand, but the solutions aren’t without growing pains,” says Ken Montgomery, FedNow program executive. “The time for modernizing our nation’s payment system is now."
Watch this new video to learn more about the world of instant payments and the FedNow Service.
The Federal Reserve is developing the FedNow Service, a safe and efficient instant payments infrastructure that will modernize the U.S. payment system and enable financial institutions of all sizes to offer customers the ability to send and receive money in near real time, around the clock, 365 days a year.