Faster payments

If the intention is for FedNow to give the market a choice, particularly to smaller, local banks then interoperability between the TCH and FedNow is a must, says FIS' Elena Whisler.

Traditional rules-based platforms are insufficient to protect real time payments. Using historical patterns can predict some fraud but will not prevent new evolving patterns as they emerge for the first time, says Deep Labs' Michael Lynch.

The Fed's real-time payments system won't be up and running for years, but consumers and businesses demand faster payments today.

Goldenwest Federal Credit Union is taking another crack at bringing home an underperforming revenue stream, hoping support for due date payments can spur more members to use the service.

As more industries explore the potential of providing faster access to wages, restaurant management software provider Delaget has partnered with financial wellness mobile app provider Branch to expand the reach of instant earned wage access availability.

First Horizon Bank has chosen to utilize FIS’ Relationship Rewards white label solution to provide faster rewards payouts that focus on the entire bank-customer relationship and not just individual transactions.

First Horizon Bank has chosen to utilize FIS’ Relationship Rewards white label solution to provide faster rewards payouts that focus on the entire bank-customer relationship and not just individual transactions.

The Fed's real-time payments system won't be up and running for years, but consumers and businesses demand faster payments today.

Interoperability has become a top priority in the minds of those advancing faster payments.

Mastercard is adding customized communications technology from R.R. Donnelly & Sons to power an instant bill payment tool it’s been piloting since last year.

If the deployment of faster payments came with a guarantee to boost a financial institution's bottom line, more banks and businesses would likely invest in bringing their legacy systems into a new age.

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power.

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power.

If the Fed's new service doesn't effectively prevent existing types of fraud, we might even see fraud increase thanks to the instant payments concept, says Chargeback 911's Monica Eaton-Cardone.

Many small banks remain skeptical of the payments network because it is owned and operated by big banks and they are waiting for the Federal Reserve to launch a rival service.

Nobody will be keen to go toe-to-toe with the Fed, which is the financial systems’ paramount regulator and central bank with virtually unlimited resources, says Intrepid Ventures' Eric Grover.

Uber launched a series of financial services to provide real-time wage payments and enhanced account features in a single app, seemingly putting Uber in the role of a digital bank.

Citing banks' growing focus on end-to-end payment processes, Bottomline Technologies says it is adding the Real-Time Payments network from The Clearing House to its digital banking platform.

FedNow will provide tremendous advantages for community financial institutions, but it also creates areas of concern that will require additional oversight, says CSI's Derrick Bretz.