The recent launch of the FedNow Service ushers in a landmark era for our nation’s payments industry.
This new instant payments infrastructure allows participating financial institutions to enable their customers to send and receive money immediately any time of day, every day of the year.
Banks can use the FedNow Service to build and offer instant payment services, either on your own or with the help of service providers.
Payments made through the FedNow Service settle in seconds — meaning there’s no buildup of credit obligations between financial institutions — and end users have immediate access to money sent to them.
Why should your community bank offer instant payments via the FedNow Service?
In today’s fast-paced world, people expect to have everything at the touch of a button.
The same is true when it comes to making and receiving payments.
Research shows that 70% of businesses and consumers say they prefer accessing faster payment services, such as instant payments, through their primary financial institution.
Your organization can help customers reap important benefits that come with instant payments, such as the ability to precisely time payments, which allows them to potentially avoid late fees and gain more control over their cash flow. Customers can also transfer funds between their own accounts, pay bills, send money to friends and family, and much more.
As financial institutions sign up and the FedNow network grows, more and more individuals and businesses will experience the benefits of instant payments, and participating financial institutions will have a powerful new tool to attract and retain customers and remain competitive in today’s changing digital landscape.
Get onboarding help
The FedNow Service is poised to grow in the coming years and the Federal Reserve is encouraging each of the nation‘s more than 9,000 banks to join the FedNow Service network to help bring instant payments to businesses and consumers across the nation.
Whether you’re just starting out on your instant payments journey or you’re ready to adopt the FedNow Service, the Federal Reserve is here to help. Go to FedNowExplorer.org for webinars, videos and other resources that can help you understand and prepare for the service.
Or, contact your Federal Reserve relationship manager for assistance at any point along the way.
Don’t get left behind. Visit FedNowExplorer.org today to learn more.
The Federal Reserve Financial Services logo and “FedNow” are service marks of the Federal Reserve Banks. A list of marks related to financial services offered by the Federal Reserve Banks is available at FRBservices.org.
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