July has come full of expectations. The long-awaited FedNow is (apparently) on the brink of launch. Despite The ClearingHouse launching its own Real-Time Payments (RTP) Network in 2017, there is a sense that FedNow will be different.
“The US is a big place, and it has over 10,000 financial institutions and thousands of credit unions,” said Craig Ramsey, Global Head of Real-Time Payments and Banking at ACI Worldwide, during a recent Fintech Coffee Break podcast episode. “To reach everyone, it’s hard. FedNow will help support the US growth of instant payments, and it will enable the smaller institutions to compete with the larger financial institutions.”
“I think that’s that’s where FedNow will be very successful as it is supporting those institutions that want to offer great products and services to their consumers that they’re used to only seeing in the larger banks.”