Fintech Nexus Publication (January 19, 2024): FedNow making progress however some massive banks are hesitant


We had an replace from the Federal Reserve on FedNow this week. There are actually 400 banks collaborating within the prompt funds community as both a sender or receiver.

They launched final July with 35 establishments and have been rising steadily since then. The final public assertion that I’ve heard was when FedNow chief, Mark Gould, spoke on the American Fintech Council’s Coverage Summit in November once they had 200 banks on the platform. 

A few of the nation’s largest banks equivalent to Financial institution of America, Citi, Capital One and PNC have nonetheless not joined. However these banks have indicated that they’ll finally be a part of. 

Most giant banks are members of The Clearing Home’s RTP community so can course of real-time funds by way of that community. Then, after all, there are additionally real-time cost choices from the cardboard networks, Visa Direct and Mastercard Ship, which have nearly common protection and work internationally as properly.

FedNow is run by the federal authorities so it could possibly afford a sluggish rollout. The Fed is enjoying the lengthy sport and it’s inevitable that almost all funds will transfer to real-time finally. 

When that occurs FedNow will possible be an enormous participant in funds.

FedNow attracts some banks, as others lag

By Lynne Marek 

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  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm targeted on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.


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