The FedNow® Service is rounding the corner into its second month of operation.
Justin Jackson, senior vice president and head of enterprise payments at Fiserv, summed up the launch in one word: “Finally.”
As he told Karen Webster in an interview, instant payments have been prevalent elsewhere, especially in Europe, and the United States is finally catching up. The arrival of FedNow is pushing real-time payments to the forefront of industry conversations.
The platform’s debut comes as The Clearing House’s RTP® network has been around for roughly six years. Now, there are two payments rails out there geared toward faster payments.
Fiserv, for its part, has been laying its own groundwork for instant payments for the better part of a decade, said Jackson, having brought Popmoney to the forefront in 2012 and its NOW Network into wide availability in 2014 — speeding peer-to-peer (P2P) payments and bill payment.