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.

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