End User, Interbank Settlement and ISO 20022

Fed Says America Needs Instant Payments As Soon As Possible

PYMNTS

AUGUST 7, 2020

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.

Instant Payments

Instant Payments Fed FedNow Interbank Settlement

FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

PYMNTS

OCTOBER 12, 2020

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function).

Instant Payments

Instant Payments FedNow Fed Interoperability

Payments Space

Fed Says America Needs Instant Payments As Soon As Possible

FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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