The FedNow Revolution Is Here. Soon.

Dateline: Melbourne, 28th August 2023.When I first become involved in the payment industry, a wise mentor told me that the 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. Read moreThe FedNow Revolution Is Here. Soon.