FedNow Will Change Payments For The Better. But Not Yet.

When I first become involved in the payments industry, a wise mentor told me that that there were three fundamental problems to be fixed: payments were too slow, too expensive and too opaque. This month America got FedNow, the account-to-account instant payment infrastructure common in many other countries and the good news is that it has the potential to fix all of those problems. However, as Ron Shevlin wrote here in Forbes, it won’t fix them soon.

Instant, But Not Instantly