FedNow Real-Time Payments: Banks Need More Meat to Build for a Multi-Rail World
This IDC Perspective discusses how financial institutions must build now for a multi-rail, real-time world. It will require rethinking their payment processing infrastructure. It will also require the development of new products and services that leverage modernized payment rails and introduce a road to new revenues and ROI in real-time investment. The Fed must facilitate this path by releasing scheme details as soon as possible and speeding up the time to launch. "There is a need now more than ever for financial institutions to consider investment in unified payment platforms, with built-in workflows and processes to meet real-time payment SLAs." — Rivka Gewirtz Little, research director, Global Payment Strategies
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