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FedNow Real-Time Payments: Banks Need More Meat to Build for a Multi-Rail World

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

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
IDC's Point of View
Banks Need Details to Build Product and Services for a Path to ROI in Real Time
The Need for Interoperability: TCH and Beyond
A Lag in Real-Time Rails Opens the Fintech Flood Gates
Advice for the Technology Buyer
Banks Should Build for a Multi-Rail World and Force Competitive Pricing from the Schemes
Taking a Fraud-Focused Approach
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