Federal-Reserve
Vice Chair Brainard discusses the launch of the FedNow service in this video and highlights the benefits of immediate availability of funds, especially for households and small businesses with cash flow constraints. She stresses the importance of industry stakeholders devoting necessary resources to support instant payments and upgrading their payments infrastructure. The FedNow service's unique cloud-first design allows for high volume transactions and broad geographic points of resiliency to ensure continuous service. She urges more banks and core service providers to commit to preparing for the adoption of the FedNow service and hopes for a successful launch by next year.
In this section, Vice Chair Brainard discusses the upcoming launch of the FedNow service, which will bring instant payment capabilities to financial institutions of all sizes across the United States. Brainard highlights the benefits of immediate availability of funds, particularly for households managing their finances paycheck to paycheck and small businesses with cash flow constraints. She emphasizes the importance of industry stakeholders, such as financial institutions, core service providers, software companies, and app developers, devoting necessary resources to support instant payments and upgrading their payments infrastructure. She also describes the FedNow service's unique cloud-first design, which allows for high volume transactions and broad geographic points of resiliency to ensure continuous service. The FedNow service's neutral platform accessible to financial institutions of all sizes will increase competition in the market for end user services and promote innovation.
In this section, Vice Chair Brainard urges more banks and core service providers to commit to preparing for the adoption of the FedNow service. She emphasizes that their time and energy are critical for a successful launch and that she hopes a sense of accomplishment will be shared in the effort to transform America's payment system for the digital era by this time next year.
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