FedNow Real-Time Payments: Banks Need More Meat to Build for a Multi-Rail World

FedNow Real-Time Payments: Banks Need More Meat to Build for a Multi-Rail World

  • August 2019 •
  • 5 pages •
  • Report ID: 5812474 •
  • Format: PDF
This IDC Perspective discusses how financial institutions must build now for a multi-rail, real-time world. It will require rethinking their payment processing infrastructure. It will also require the development of new products and services that leverage modernized payment rails and introduce a road to new revenues and ROI in real-time investment. The Fed must facilitate this path by releasing scheme details as soon as possible and speeding up the time to launch. "There is a need now more than ever for financial institutions to consider investment in unified payment platforms, with built-in workflows and processes to meet real-time payment SLAs." -- Rivka Gewirtz Little, research director, Global Payment Strategies