The launch of FedNow, the Federal Reserve's instant-settlement system, raises many questions for banks, card networks and fintechs.
FedNow joins The Clearing House's RTP Network in supporting instant settlement in the U.S. In an email, David Watson, president and CEO of The Clearing House, said "The Clearing House which operates the RTP network, the instant payments system in the United States, welcomes FedNow to the real-time payments space. The launch draws more attention to how consumers and businesses are looking to send and receive money instantly between their accounts, which the RTP network has been enabling for millions of bank and credit union customers since 2017."