News & Insights

Across recent months of industry meetings, conferences and association discussions, one question has surfaced repeatedly among credit unions: Why the FedNow® Service and why now?  

As expectations for digital banking experiences continue to rise, influenced by the constantly online nature of life today, consumers expect their financial services to keep pace. Instant payment rails, especially the Federal Reserve’s FedNow® Service, give credit unions a powerful opportunity to meet these expectations while continuing to deliver trusted, member-first financial services.

The U.S. Treasury’s Bureau of the Fiscal Service added FedNow as an instant payment option for certain federal agency disbursements through its Digital Pay program, with the first payments sent in early September.