Faster payments

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.

The goal is to get a better understanding of past incidents, thereby arming the Fed to improve its response as more companies implement faster payments.

U.S. Bank wants to disrupt the way consumers pay their bills by offering billers a new platform fit for faster payment rails, new messaging formats and digital assistants.

PSCU also found in its second-annual payments study that Americans were turning to debit cards over credit cards.

Eliminating checks from corporate payments will take many more years, but Nacha’s latest data suggests the B2B category is playing a key role in Same Day ACH's growth.