In a recent episode of Payments Pros, The Payments Law Podcast, payments industry figures discussed the evolution of faster payments, focusing predominantly on the FedNow service. Present at the discussion were Keith Barnett, Carlin McCrory and Pidgin’s Senior Vice President of Innovation, Kevin Olsen.
Faster payment solutions, such as real-time payments (RTP) and FedNow are gaining traction in the financial world as they facilitate transactions that are completed in mere seconds, are available around the clock, and are reserved exclusively for U.S. financial institutions. Following its launch in July 2023, FedNow has expeditiously seen widespread adoption throughout the industry, in large part due to its public nature and development that included input from industry-wide stakeholders.
Kevin Olsen, during his part of the discussion, provided a great deal of insights in the role of FedNow in the payments industry. A longer and more detailed account of this enlightening discussion is available on the podcast and is highly recommended for professionals eager to stay informed about the future direction of payment systems.