The Federal Reserve launched its FedNow Pioneers of Now campaign during Nacha’s Smarter Faster Payments 2022 Conference (Off-site). Pioneers of Now represent a cohort of engaged financial institutions and service providers that are united by their commitment to early adoption of the FedNow Service (Off-site), which will launch in 2023.
The Pioneers of Now campaign kicked off with LinkedIn (Off-site) ads and conference banners that evoked the spirit of a modern pioneer in this new era of instant payments. Going forward, the campaign will also include video features, blog profiles and social media vignettes from participants willing to share insights and key learnings from their instant payments journeys with others in the industry.
Stepping up first to the pioneer platform is Malinda Rickel, Chief Operating Officer at The Bankers’ Bank.
Defining the Future of Payments
Headquartered in Oklahoma City, OK, the Bankers’ Bank (Off-site) provides banking and technology services to banks throughout Oklahoma, Texas and New Mexico.
Malinda and her team joined the FedNow Pilot Program (Off-site) to contribute to the creation of the FedNow Service. “As an early adopter of the FedNow Service, we get the opportunity to develop the kind of products that we believe our customers will need before they ask for those products,” she said.
Q: How will instant payments affect the broader payments industry?
A: The industry will benefit in so many ways, though I’m particularly excited about the benefits on a global scale. While global payments have historically lacked ease and transparency, I am confident that instant payments will spur the evolution and progress of these payments systems in the near future.
Q: Are there any instant payments use cases that you are most excited about?
A: In my opinion, our client base will benefit the most from request for payment use cases. Small businesses need the ability to send an invoice with their request and have that request and invoice returned to them with the correct information. I can't think of a use case that could benefit a small business more than automating their payables systems.
Q: What will the payments landscape look like in 10 years?
A: Over the next 10 years, the ease of making a payment will be much more important than the method of payment. Payments are becoming more and more about the user experience, and I'm really proud to be part of the transformation.