Instant payments are here and many banks aren’t ready.
The launch of FedNow from the Federal Reserve is a catalyst that could reshape payments in the United States.
But faster payments have yet to penetrate the majority of banks. Only 13% of respondents say they’ve added Real Time Payments, which The Clearing House released in 2017, according to Bank Director’s 2023 Technology Survey. Only 35 banks and credit unions were live with FedNow capabilities when it was released in July, according to the Federal Reserve.
