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In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. He noted there has been additional input from the FedNow Community of 700 members.
Last year, the US Federal Reserve launched FedNow as a competitive alternative for instant payments in the US. Celebrating its first birthday, we review how the instant payments service has been adopted over the past year. However there is one difference: FedNow is primarily targeted at banks – not at consumers.
APIs allow banks the opportunity to offer value-addedservices that can be relatively easy to layer on top of new real-time payment rails, leading to improved customer products and services, better access to customer data and, for the FIs themselves, the boon that comes with better visibility into cash flow.
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