Instant payments can provide benefits to everyone in the payments ecosystem — and each person and organization within it plays an important and interconnected role.
- Financial institutions will use the FedNow Service to build and offer new instant payment offerings to their customers, often with service provider support.
- Service providers to financial institutions will enable financial institutions to offer instant payments to their customers by providing transaction processing, FedNow connectivity, settlement, fraud management, mobile banking and other services.
- Solution providers to end-user businesses and customers will work with participating financial institution partners to develop instant payment services — such as point-of-sale terminals, bill payment software and payroll services — for end users.
- End users will send and receive money immediately by using instant payment products offered by their financial institutions or other solution providers.
Take a look at this new infographic (Off-site) to find out more about your organization’s role in the instant payments ecosystem and steps you can take to get ready for the mid-2023 launch of the FedNow Service.