The industry is buzzing with excitement about the recently launched FedNow Service, but do you know all the facts about this new instant payment infrastructure? Read this article (Off-site), which clarifies what the service is and isn’t, and what you can expect from the FedNow Service in the months and years ahead. You’ll find details about the following facts:
- The network of financial institutions participating in the FedNow Service will grow over time
- The FedNow Service provides benefits not widely available with other faster payment services
- The FedNow Service is not a consumer-facing app
- FedNow Service pricing is competitive and aligned with current market practices
- The FedNow Service has fraud management capabilities and security features to help protect against threats
- And much more!