Consumers and businesses today expect to make and receive payments in seconds. By offering instant payments via the FedNow Service, your financial institution can meet this demand and keep pace with the competition.
Your organization can reap other benefits from instant payments, too. For example, transactions settle between financial institutions in seconds, so there’s no buildup of interbank obligations. Plus, instant payments provide revenue growth opportunities that can boost your financial institution’s bottom line. Here are just a few examples:
- New customer segments – Instant payments can open up new market segments and revenue opportunities for your institution.
- Value-added benefits for business customers – Instant payments can help your business customers better manage their cash positions, reduce administrative burdens, lower costs and improve efficiency.
- Loan revenue opportunities – The always-on nature of instant payments makes it possible for your financial institution to disburse funds instantly on weeknights and weekends, which can lead to additional loan revenue.
In addition to growing revenue, instant payments can provide your financial institution with cost-saving opportunities. Download this new resource (Off-site) for examples and ideas about ways your financial institution might benefit from offering instant payments using the FedNow Service.
For more information, visit FedNowExplorer.org (Off-site).