You may already know the Federal Reserve’s FedNow Service will provide a safe and efficient platform that banks, credit unions and others can use to innovate and offer a variety of instant payment use cases for their customers. But do you know how it will work?
This video follows a payment over the FedNow Service from start to finish and shows what financial institutions need to know about their role in the process.
Payments processed over the FedNow Service will settle between financial institutions in real time and end users will have access to money sent to them within seconds. Financial institutions that participate in the FedNow Service can meet the evolving needs of their customers and keep pace with the competition. Other benefits include: