We had an update from the Federal Reserve on FedNow this week. There are now 400 banks participating in the instant payments network as either a sender or receiver.
They launched last July with 35 institutions and have been growing steadily since then. The last public statement that I have heard was when FedNow chief, Mark Gould, spoke at the American Fintech Council’s Policy Summit in November when they had 200 banks on the platform.
Some of the country’s largest banks such as Bank of America, Citi, Capital One and PNC have still not joined. But these banks have indicated that they will eventually join.
Most large banks are members of The Clearing House’s RTP network so can process real-time payments via that network. Then, of course, there are also real-time payment offerings from the card networks, Visa Direct and Mastercard Send, that have almost universal coverage and work internationally as well.
FedNow is run by the federal government so it can afford a slow rollout. The Fed is playing the long game and it is inevitable that most payments will move to real-time eventually.
When that happens FedNow will likely be a huge player in payments.
Featured
FedNow draws some banks, as others lag
By Lynne Marek
The crypto exchange is seeking the dismissal of a lawsuit at the center of the agency’s oversight strategy.
From Fintech Nexus
> In 2024, Lenders Need a Better Delinquency Strategy
By Rochelle Gorey
Lenders’ delinquency strategy must be rooted in an “empathy-first” model to support customers in experiencing hardship. Customers in distress need support and resources, not shame.
> Liveness detection is cat and mouse
By Tony Zerucha
The importance of liveness detection was one positive development arising from the COVID-19 pandemic. It’s an essential feature of a biometric-based security strategy, iProov chief product and innovation officer Joe Palmer said.
The tokenized funds market witnessed its issuance on public blockchains grow from $100 million to over $800 million in 2023.
Podcast
Andrew B. Morris, Chief Content Officer and Curt Persaud, Co-Founder & CTO of Fintech Islands on Caribbean fintech
Fintech Islands is the biggest fintech event in the Caribbean, it is taking place on January 24-26 in Barbados.
Webinar
Building Trust: Scalable Strategies for Consumer and Business Onboarding
Jan 23, 2pm EST
Identity verification is a key part of financial institutions’ and banks’ customer journeys. However, with ongoing compliance…
Also Making News
- USA: LoanDepot outage drags into second week after ransomware attack
LoanDepot customers say they have been unable to make mortgage payments or access their online accounts following a suspected ransomware attack on the company last week. The mortgage and loan giant said on January 8 that it was working to “restore normal business operations as quickly as possible” following a security incident.
To sponsor our newsletters and reach 220,000 fintech enthusiasts with your message, contact us here.
.pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .box-header-title { font-size: 20px !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .box-header-title { font-weight: bold !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .box-header-title { color: #000000 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-avatar img { border-style: none !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-avatar img { border-radius: 5% !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-name a { font-size: 24px !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-name a { font-weight: bold !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-name a { color: #000000 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-description { font-style: none !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-description { text-align: left !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta a span { font-size: 20px !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta a span { font-weight: normal !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta { text-align: left !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta a { background-color: #6adc21 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta a { color: #ffffff !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-meta a:hover { color: #ffffff !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-user_url-profile-data { color: #6adc21 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-twitter-profile-data span, .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-twitter-profile-data i { font-size: 16px !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-twitter-profile-data { background-color: #6adc21 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-twitter-profile-data { border-radius: 50% !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-twitter-profile-data { text-align: center !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-linkedin-profile-data span, .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-linkedin-profile-data i { font-size: 16px !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-linkedin-profile-data { background-color: #6adc21 !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .ppma-author-linkedin-profile-data { border-radius: 50% !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-author-boxes-recent-posts-title { border-bottom-style: dotted !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-multiple-authors-boxes-li { border-style: solid !important; } .pp-multiple-authors-boxes-wrapper.box-post-id-45383.pp-multiple-authors-layout-boxed.multiple-authors-target-shortcode.box-instance-id-1 .pp-multiple-authors-boxes-li { color: #3c434a !important; }
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.fintechnexus.com/fintech-nexus-newsletter-january-19-2024-fednow-making-progress-but-some-big-banks-are-hesitant/
- :has
- :is
- :not
- $100 million
- 000
- 1
- 19
- 200
- 2010
- 2023
- 2024
- 220
- 23
- 250
- 35%
- 400
- 8
- 970
- a
- About
- access
- Accounts
- After
- again
- almost
- also
- america
- American
- an
- and
- ARE
- AS
- At
- attack
- author
- avatar
- b
- Bank
- Bank of America
- Banks
- banner
- Barbados
- BE
- been
- Better
- Big
- Biggest
- blockchains
- bold
- business
- business operations
- but
- by
- CAN
- capital
- capital one
- card
- Caribbean
- CAT
- Center
- chairman
- chief
- Citi
- Clearing
- Co-founder
- code
- color
- COM
- company
- consumer
- contact
- content
- Cool
- country’s
- course
- coverage
- COVID-19
- COVID-19 pandemic
- creator
- crypto
- crypto exchange
- CTO
- customer
- Customers
- Detection
- Development
- digital
- Digital media
- direct
- distress
- draws
- either
- enthusiasts
- essential
- Ether (ETH)
- Event
- eventually
- exchange
- experiencing
- Feature
- Fed
- Federal
- Federal government
- federal reserve
- fednow
- finance
- financial
- fintech
- First
- focused
- following
- For
- franklin
- from
- funds
- game
- giant
- Government
- Grow
- Growing
- had
- happens
- hardship
- Have
- he
- heard
- Hesitant
- hover
- However
- http
- HTTPS
- huge
- i
- importance
- in
- incident
- indicated
- inevitable
- Innovation
- instant
- instant payments
- institutions
- internationally
- Interview
- into
- iProov
- Islands
- issuance
- IT
- ITS
- January
- joe
- join
- joined
- Journeys
- jpg
- July
- Key
- large
- largest
- Last
- launched
- lawsuit
- left
- lenders
- likely
- Liveness
- loan
- Long
- Long Game
- make
- Making
- mark
- Market
- mastercard
- max-width
- Media
- Members
- message
- million
- model
- Mortgage
- most
- move
- must
- Need
- network
- networks
- news
- Newsletter
- Newsletters
- nexus
- None
- normal
- November
- now
- of
- Offerings
- Officer
- on
- ONE
- ongoing
- online
- Operations
- or
- Others
- our
- outage
- over
- Oversight
- Palmer
- pandemic
- part
- participating
- payment
- payments
- Peter
- Place
- platform
- plato
- Plato Data Intelligence
- PlatoData
- player
- playing
- PNC
- policy
- positive
- process
- Product
- Progress
- public
- quickly
- ransomware
- Ransomware Attack
- reach
- real-time
- real-time payments
- Reserve
- Resources
- rollout
- rooted
- RTP
- Run
- Said
- say
- SC
- SC Ventures
- scalable
- Second
- security
- seeking
- send
- sender
- Series
- since
- slow
- So
- solid
- some
- span
- sponsor
- Statement
- steadily
- Still
- strategies
- Strategy
- such
- Summit
- support
- suspected
- taking
- templeton
- that
- The
- the Fed
- their
- then
- There.
- These
- they
- this
- this week
- to
- Tokenization
- tokenized
- Tony
- top
- Trust
- unable
- Universal
- us
- Ventures
- Verification
- via
- visa
- Visa Direct
- was
- week
- WELL
- when
- will
- with
- witnessed
- Work
- working
- world’s
- writing
- Your
- zephyrnet
- zoom