News & Insights

With the FedNow^® Service by the Federal Reserve and the RTP^® Service by The Clearing House, financial institutions have a way to move funds instantly. At the center of this transformation is Send, the capability that allows institutions to push payments instantly, 24/7/365.

Member expectations have shifted. Money now moves in seconds, not days. Payments happen across apps, devices and a plethora of digital channels, often outside your credit union’s ecosystem. Modernizing payments isn’t optional anymore. It’s a strategic priority.

The launch of the FedNow® Service in 2023 marked a watershed moment in the evolution of payments infrastructure in the United States.

Welcome to our new blog series on the FedNow® Service. We want to use this blog to inform, prepare and enhance your knowledge of instant payment basics and other topics, such as: new features and functionality, credit union use cases, member education, fraud mitigation and more.

The FedNow® Service is a new instant payments rail that will redefine the way your members make payments. The FedNow Service represents the first new payment platform introduced by the Federal Reserve since the inception of ACH back in the early 1970s. This new payment network is designed to seamlessly facilitate instant payments throughout the United States.