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• How the Finance Industry Is Adopting Instant Payments
• Introducing FedNow in New England and How the System Will Affect the Instant Payment Strategies of FIs
• NEACH Survey: Are FIs in an Either-Or Situation With RTP and FedNow?

Episode Summary

NEACH recently conducted a survey with 145 participants about how the finance industry is adopting instant payments in New England. The respondents answered questions about available instant payment solutions and how they affect their strategy.  

In this episode of Wrestling Payments, host Joe Casali touches upon FedNow, a new instant payment system, and shares participants' take on how this new solution will add to their operations. 

Joe also discusses when participants plan to implement their chosen instant payment solution and their biggest concerns regarding the process.


Podcast Insights

🎙65% are either working on or have an instant payment strategy. The survey involved 145 participants answering questions regarding available solutions and a soon-to-be-launched system, FedNow. 

🎙53% of all participants said they are interested in FedNow ''send and receive.'' That means they not only want to receive transactions via the system but also take advantage of the sending option.

🎙About 20% are interested in implementing it in 2023. The same percentage of participants said that they are considering implementing it next year. Around 1.5% want to do it by 2025, while 50% have an undefined timeframe. ''In the financial institution industry, there's a lot of waiting and seeing, 'I want someone else to make the mistakes, and then I'll participate.'''