Bank Nerd Corner welcomes Bernadette Ksepka, senior vice president and deputy head of product management for the Federal Reserve System’s FedNow Service.

FedNow is a real-time clearing and settlement service that supports instant payments in the United States. It was developed and launched by the Federal Reserve Banks in summer 2023. Bernadette shares her observations about how the first three years of the network have gone, and the growth and adoption trends she’s seen over that time.

The network is growing but has connections to less than a quarter of total financial institutions in the country, which represent about 50% of deposit accounts. But a variety of use cases are popping up, which may drive broader future adoption. 

Kiah and Bernadette also discuss the shifts and adjustments financial institutions need to make so they can successfully implement instant payments and navigate the accelerating pace of change. 

Fintech Takes Banking is the weekly newsletter for bank execs who get it. Subscribe for the latest in regulation, tech, financials, operations and, yes, accounting, straight to your inbox: https://fintechtakes.com/banking/newsletter-subscription/

Follow Kiah:

LinkedIn: https://www.linkedin.com/in/khaslett/

Twitter: https://twitter.com/khaslett

Follow Bernadette:

Linkedin: https://www.linkedin.com/in/bernadette-ksepka-bbb4212/