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Real-Time Payments: FedNow Service to launch mid-2023

An alternative to the existing private-sector real-time payments system

 

August 2022

Coincident with the long-anticipated announcement of the FedNow Service launch, Federal Reserve Board Governor Brainard called on industry stakeholders to make a focused and “substantial commitment” to real-time payments. She stated, “The time is now for all key stakeholders—financial institutions, core service providers, software companies, and application developers—to devote the resources necessary to support instant payments. This means:
- upgrading back-office processes,
- evaluating accounting procedures to accommodate a seven-business-day week,
- arranging liquidity providers,
- deploying a new customer-facing application, and
- promoting instant payments for key use cases to customers.”

Dive into our thinking:

Real-Time Payments: FedNow Service to launch mid-2023

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Amy S. Matsuo
Principal and National Leader, Regulatory Insights, KPMG US

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