New report outlines launch of FedNow and how banks can use this knowledge to engage value of real-time payments

As the demand for real-time payments grows, so does the need for financial institutions (FIs) to offer more robust access to faster and more efficient payments. To the surprise of many industry experts, the Federal Reserve entered the landscape by announcing the development of FedNow, a real-time payment and settlement service with clearing functionality to support faster payments throughout the United States.

In a new Impact Report, FedNow Is Almost Here: What to Know Before the Launch of FedNow, research and advisory firm Aite-Novarica Group focuses on what is known so far about the FedNow service and how banks can use this knowledge to prepare.

“The RTP network laid a solid foundation for use cases and connectivity protocols, but some FIs have been waiting for FedNow before deciding how to move forward,” said Erika Baumann, Director of the Commercial Banking & Payments Practice at Aite-Novarica Group and author of the new report. “The pressure is on to move forward as industry expectations grow and focus on faster and more efficient payments. FIs that are neglecting this have much to lose.”

A preview of the report is available online, and desk copies are available to qualified media. Please contact [email protected] or call Kaitlyn Labbe at +1.857.327.9442 for more information.

About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contact:
Kaitlyn Labbe
Public Relations
+1.857.327.9442
[email protected]