FedNow Is Almost Here: What to Know Before the Launch of FedNow

Report Summary

FedNow Is Almost Here: What to Know Before the Launch of FedNow

FedNow is ushering in a true multi-network world for which banks need to prepare.

Erika Baumann
Director, Commercial Banking & Payments Practice

Boston, June 7, 2022 – As the demand for real-time payments grows, so does the need for FIs to offer robust access to faster and more efficient payments. In 2023, the Federal Reserve will be releasing FedNow, a real-time payment and settlement service with clearing functionality. FedNow will support a 24/7 real-time payment infrastructure across the U.S., including over 10,000 depository institutions.

This report draws on the author’s in-depth knowledge of the industry and subject matter. It also includes data extrapolated from recent Aite-Novarica Group research, including a quantitative survey of 117 U.S. community banks and credit unions from Q2 2020 and qualitative interviews with U.S. banks.

This 22-page Impact Report contains three figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.

Download table of contents

This report mentions The Clearing House, The Federal Reserve, SWIFT, and Zelle.

How can we help?

If you have a question specific to your industry, speak with an expert.  Call us today to learn about the benefits of becoming a client.

Talk to an Expert

Receive email updates relevant to you.  Subscribe to entire practices or to selected topics within

Get Email Updates