How Financial Institutions and Their Customers Benefit from FedNow

On July 20, 2023, the Federal reserve launched the FedNow service, a scalable real time payments system that allows both individuals and businesses to send instant payments in the US at scale, and soon real time payments globally. For financial institutions specifically, differentiation and future revenue growth will be recognized by instant-payment innovations driving both transaction volume and payment revenues. The path to adopting FedNow requires new ways of thinking and internal changes within Banks and Financials Institutions. The Maxana FedNow whitepaper discusses the challenges and opportunities that RTP will provide in the future.

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