{"id":453282,"date":"2024-07-19T09:00:00","date_gmt":"2024-07-19T13:00:00","guid":{"rendered":"https:\/\/paymentsjournal.com\/?p=453282"},"modified":"2024-07-22T14:03:54","modified_gmt":"2024-07-22T18:03:54","slug":"one-year-on-fednow-is-still-waiting-for-its-critical-moment","status":"publish","type":"post","link":"https:\/\/www.paymentsjournal.com\/one-year-on-fednow-is-still-waiting-for-its-critical-moment\/","title":{"rendered":"One Year On, FedNow Is Still Waiting for Its Critical Moment"},"content":{"rendered":"\n

July 20, 1969, marked the day when human beings first set foot on the moon, forever changing how we viewed the world beyond us. It\u2019s also the date in 2023 when the Federal Reserve launched its FedNow instant payments service.<\/p>\n\n\n\n

Although the impact has not been nearly as epochal as the moon landing, FedNow has met expectations in its first year of operation. It will likely take just one major use case or disruptive event to make the service a regular part of life.<\/p>\n\n\n\n

Where It Stands<\/h2>\n\n\n\n

On Day One, 35 banks and credit unions, along with the U.S. Department of the Treasury\u2019s Bureau of the Fiscal Service, joined FedNow. As of now, more than 900 financial institutions are connected, ensuring representation in all 50 states and D.C. Participants include a mix of the nation\u2019s largest financial institutions like Chase and Wells Fargo, as well as numerous smaller community banks and credit unions across the country.<\/p>\n\n\n\n

It should be noted that many of these institutions are using FedNow on a limited basis. Some have opted to start with receive-only payments, waiting until their old batch processing operations can be refigured so they can handle real-time gross settlement payments. Others have expressed concerns about potential fraud risks, given the irrevocable nature of these transactions. There are also challenges related to the current FedNow transaction limit, set at $500,000, which may not accommodate larger business transactions that could easily exceed this threshold. In comparison, The Clearing House\u2019s RTP and Same Day ACH both offer transaction limits up to $1 million.<\/p>\n\n\n\n

RTP, the chief competitor to FedNow, has been operational since 2017 and has achieved broader adoption in terms of reach and market share. However, many smaller financial institutions have been waiting for a system that is operated by the Federal Reserve, as opposed to The Clearing House, which is owned by 20 major banks. Some smaller banks and credit unions may prefer not to use a system operated by the largest private financial institutions.<\/p>\n\n\n\n

\u201cThere are nearly 10,000 financial institutions, so 800 FedNow participants is still a relatively small percentage of that,\u201d said Elisa Tavilla<\/a>, Director, Debit Payments at Javelin Strategy & Research. \u201cThere’s still a ways to go in getting the system to be ubiquitous and broadly adopted, similar to what we have with ACH today. I think broad uptake will be a gradual process.\u201d<\/p>\n\n\n\n

Catching Up with the World<\/h2>\n\n\n\n

Globally, roughly 80 countries<\/a> have implemented an instant payment network. The UK introduced instant payments in 2008, India\u2019s UPI arrived in 2016, and the Single Euro Payments Area<\/a> (SEPA), enabling instant payments among 36 countries, launched in 2017\u2014the same year RTP launched in the U.S. Brazil\u2019s Pix followed in 2020 and already handles more transactions in the country than credit and debit cards combined.  <\/p>\n\n\n\n

In some ways, the U.S. was a victim of its own success regarding instant payments. Unlike some other markets where payments systems were less developed, the U.S. had the revolutionary ACH system, launched in 1972. Other nations transitioned directly from largely cash-based economies to digital economies, with instant payments representing a great leap forward for them.

\u201cThese new real-time payment systems were a way to help bring the unbanked or underbanked segment of the population into the mainstream economy,\u201d said Tavilla. \u201cThey also make the economy as a whole less reliant on cash and more prepared for the digital future.\u201d<\/p>\n\n\n\n

The Life-Changing Event<\/h2>\n\n\n\n

Despite a significant number of institutions participating, FedNow has not yet become an integral part of the payments system in the U.S. It\u2019s difficult to predict what could propel it to household name status. Many transformative events in the payments industry were unforeseen until they happened and changed the world.<\/p>\n\n\n\n

Consider contactless payments. A longtime veteran of the Federal Reserve, Tavilla said that experts had anticipated their rise in the American consciousness through mobile apps or physical cards for years. Yet adoption rates remained in the low single digits\u2014until the events of 2020.<\/p>\n\n\n\n

\u201cWhen we had the pandemic, contactless all of a sudden became everyone’s obsession,\u201d Tavilla said. \u201cContactless payments became an everyday household term because nobody wanted to touch anything.\u201d<\/p>\n\n\n\n

But it doesn\u2019t take an external shock to produce such an effect. In other countries, government support or mandates for real-time payment systems have driven widespread adoption. Brazil, for example, mandated digital accounts for emergency benefits, accelerating Pix adoption. Similarly, India leveraged its real-time payment system for government benefit disbursements.

A similar government initiative in the U.S. could be a game-changer. Imagine if social security or other safety-net payments were distributed through FedNow, or if Americans could pay taxes and other government fees using FedNow.<\/p>\n\n\n\n

To date, there have been no announcements regarding such use cases. \u201cBut remember, the Treasury is connected to FedNow, so that could be a strong catalyst for adoption,\u201d Tavilla said. \u201cA similar example occurred under the Clinton administration, where all federal payments, except tax refunds, were mandated to be issued electronically by January 1999, which significantly expanded direct deposit using ACH.\u201d<\/p>\n\n\n\n

Moving FedNow into the Future<\/h2>\n\n\n\n

FedNow\u2019s first year has gone smoothly, with no major interruptions or downtime on the network. The Fed ran a robust pilot program for about a year leading up to the launch to make sure everything functioned properly.<\/p>\n\n\n\n

This bodes well for FedNow adoption to grow quickly if critical use cases emerge. There\u2019s also   demand for instant payment services. A Federal Reserve study found that<\/a> 86% of businesses and 74% of consumers used faster or instant payments in 2023. The survey also found that most people prefer using a traditional bank for payments but are increasingly open to non-bank payment solutions if they better meet their needs.<\/p>\n\n\n\n

The current $500,000 transaction limit may also keep some businesses from participating. This limit is partly intended to prevent fraud, but it may be raised in the future to accommodate higher-value business transactions.<\/p>\n\n\n\n

A further complication is that FedNow and RTP are not interoperable. If the two systems could work together, it could accelerate the adoption of real-time payments in the U.S.<\/p>\n\n\n\n

\u201cFedNow adoption is growing, and financial institutions know that instant payments are something that they need, given all the other technologies that we have are immediate and real time,\u201d Tavilla said. \u201cEverything else in our lives is real time now\u2014payments should be too.\u201d<\/p>\n\n\n\n

\n\n\n\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

July 20, 1969, marked the day when human beings first set foot on the moon, forever changing how we viewed the world beyond us. It\u2019s also the date in 2023 when the Federal Reserve launched its FedNow instant payments service. 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