Only a few weeks after launching in July, the FedNow Service promises to help transform payments, commerce and banking.
But as Dr. Jorge Jimenez, president of Juniper Payments, a PSCU company, told PYMNTS in an interview, one need not look all that far to see what a re-imagining of financial services might entail.
“All we have to do is see what other countries have been doing around the world,” he noted, where faster payments have been a hallmark, especially in Europe and Africa.
No matter how financial institutions (FIs) view the technological changes that are going to have to occur in the background, it will be critical to keep the consumer in focus, to understand the ways and means by which they want to pay.