FedTalk: Enabling Instant Payments for All

In the United States, instant payments have been gaining traction since The Clearing House implemented the Real-Time-Payments (RTP®) service in 2017 and the Federal Reserve implemented its FedNow® Service in 2023. Instant payments allow consumers and businesses to pay and receive payments immediately and more conveniently. More than 1,000 US financial institutions out of a total of roughly 9,000 in the country are now participating, with adoption growing slowly but surely each month.

If financial institutions are to adopt faster payments, they will need modern technical capabilities that are ready to perform payment functions instantly around the clock every day of the year. Core banking service providers, or providers who assist financial institutions in processing payment transactions to customer bank accounts, play an important role in helping financial institutions modernize their technical infrastructure and connect them and their customers to instant payments.

Please join the Federal Reserve Bank of Cleveland’s Ken Isaacson, senior vice president and payments advisor, as he moderates a panel of Federal Reserve payments professionals for a conversation about connecting to instant payments, the role of core banking and other service providers, and the benefits this new payments rail offers to financial institutions and their business and consumer customers.

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