Pidgin’s Post

Could it be a mix of patience, fear, thoughtfulness, or lack of foresight? Through various conversations, I've found that some people grasp the concept, while others don't. Some are paralyzed by the unknown, while others see it as an opportunity. It's still too early to determine which approach, being a fast adopter or a fast follower, is best. However, most industry experts do agree on one thing: there is revenue to be gained on the sending side, especially in the B2B space. I would even argue that the B2B sending aspect represents less risk due to its inherently built-in practices that resist the dreaded F word. Let's dive into some statistics: FedNow currently has over 600 financial institutions (FIs). Of these 600+, 60% (360+) were not active in RTP. 40% (240+) are send enabled, but only 12 are actively sending. Transaction volume is increasing at about 10% per week, with thousands of transactions already being processed per day. We're only 8 months into this journey, and the early volume has exceeded most expectations but I believe opportunities are being missed. Use cases are evolving, and organizations are becoming more comfortable with the processes. If your financial institution hasn't started looking into this yet, I urge you to take the first step. On a personal note, I'm proud to say that Pidgin has clients who are actively sending payments! I would be thrilled to help your organization take that first step as well. Tim Rozanski Abhishek Veeraghanta Scott Harris Jake Thompson

Did you know? Faster payment services like FedNow and The Clearing House's Real Time Payments Network could become the centerpiece of profitable business services. While most banks and credit unions see faster payments as a commodity service, faster payments can be a steady source of revenue for the institutions that offer them. To understand the revenue-generating potential of instant payments, check out this insightful article from The Financial Brand: https://hubs.ly/Q02qbvDy0 #FasterPayments #FedNow #ClearingHouse

Happy 1st Birthday to FedNow! With over 800 participating financial institutions, FedNow has had a significant impact in its first year. What's coming up next? Finzly is partnering with financial institutions like Frost to drive FedNow adoption. Specifically, B2B instant payments are an untapped opportunity for financial institutions. Explore how Finzly can help: https://hubs.la/Q02HqZjf0 #payments #fednow #instantpayments

The evolution of FedNow is reshaping the future of payments for financial institutions. As this real-time payment system matures, how can banks and credit unions stay ahead of the curve? In a new BAI article, Alkami’s Jeff Bucher, senior product strategy manager, shares critical strategies such as Speed, Security, and Strategic Partnerships for successfully implementing FedNow. Access the full article: https://bit.ly/491iBUI - #FedNow #RealTimePayments #Fintech #PaymentsInnovation #DigitalBanking

🔍 Let's dive into the high-level payment message flow in #FedNow, the revolutionary real-time payment service by the Federal Reserve: 1. **Payment Initiation:** The sender initiates a payment through their financial institution, which submits the payment message to the FedNow Service.    2. **Validation and Authorization:** FedNow validates the payment message, ensuring it meets all necessary criteria and checks for sufficient funds in the sender's account. 3. **Clearing:** Once validated, FedNow clears the payment by debiting the sender's account and crediting the recipient's account. 4. **Notification:** Both the sender and recipient receive notifications of the transaction status in real-time, confirming the successful transfer of funds. 5. **Settlement:** The Federal Reserve facilitates the final settlement between the participating financial institutions to ensure all accounts are balanced. This streamlined process ensures that payments are fast, secure, and available around the clock, transforming the way we handle transactions. #RealTimePayments #Fintech #Innovation #Payments #FedNow

This Halloween, don’t let financial fears haunt you! With FinBraine’s digital lending solutions, you can unlock financial stability and empower your future. Say goodbye to scary uncertainties and embrace accessible lending that’s fast, secure, and tailored to your needs! #eKYC #fintech #finance #digitalbanking #FinBraine Ashutosh Agrawal Chris Almeida Ajay Kashikar Akbar Ladak Pallavi Kudtarkar Sudip Chatterjee Sachin Jadhav Amit Panchal

Booshan Rengachari of Finzly provides insight into the early FedNow® Service use cases in this Pioneers of Now interview: https://lnkd.in/dNRh77S8 #payments #financialservices #FederalReserve #FedNow #instantpayments

One year after the introduction of the FedNow instant payment service, participation by financial institutions is soaring and transaction volumes and values are up across the faster payment services offered in the United States. Against this backdrop, developments bear watching as FedNow matures and other faster payment services—such as RTP by The Clearing House and Nacha’s Same Day ACH—roll out more innovations. The consumer and business demands for instant payments and increased utility will create more use cases that drive the adoption of the services. Read the report: https://lnkd.in/eG4SjyUC #debit

Celebrating one year of FedNow! Despite initial slow adoption, the push for instant payments has been both a challenge and a catalyst for innovation. The RTP® network has flourished, proving that the market is ripe for real-time payment solutions. As banks adapt and systems upgrade, businesses can look forward to improved cash management and liquidity. And let’s not forget the potential of Request-for-Payment (RFP) as a game-changer for small businesses. The future of instant payments is bright, and both FedNow and RTP® are leading the way. #InstantPayments #FedNow #RTP

FedNow has hit another milestone in its adoption (600+ FI’s) and has surpassed The Clearning House Network with number of financial institutions. The question remains, how long will it take for FedNow to achieve ubiquity of FI's-Deposit Accounts? #realtimepayments #Fednow #instantpayments #digitalpayments #paymentrevolution #clearinghousepayments #fasterpayments Read more: https://lnkd.in/gtMb97aK