The Federal Reserve’s announcement in August that it was developing its own real-time payments platform generated a lot of buzz in the payments industry. Smaller banking institutions welcomed the news as it meant they would no longer be reliant on a real-time payment solution (RTP) maintained by their larger competitors, The Clearing House.
However, some critics questioned whether the Federal Reserve was overstepping its role in the payments industry by launching FedNow. Others have wondered how the announcement will impact the faster payments landscape more generally.
To understand how FedNow will impact the payments industry, PaymentsJournal sat down with Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, and Peter Gordon, Chief Revenue Officer of PayFi