The FedNow Revolution Is Here. Soon.

The dawn of the RTP (rich timely payments) era.

Dateline: Melbourne, 28th August 2023.

When I first became involved in the payment industry, a wise mentor told me that there were three fundamental problems to be fixed: payments were too slow, too expensive and too opaque. Well, America now has FedNow, the equivalent of the instant payment infrastructure common in many other countries and the good news is that it has the potential to attack all three of those problems. While it will first be used for disbursements and bill payments, it has the potential to revolutionise retail payments to the great benefit of consumers and businesses.