Watch: Get ready for the FedNowSM Service video
People and businesses want to send and receive money at the click of a button. In fact, three in four businesses and two in three consumers think it’s important that their bank or credit union offer faster payments, according to a 2020 Federal Reserve survey.
Financial institutions can meet this demand by building and offering instant payment services using the FedNow Service, which is set to launch in 2023.
The time to start preparing for the FedNow Service is now. But where do you begin? This video walks you through initial steps to take on your path to instant payments, including:
- Understanding the demand
- Assessing customer needs
- Starting to build a business case
For more information on preparing for instant payments, view the preplanning roadmap (PDF).