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Four years on from its first announcement, the Federal Reserve’s instant payments service, FedNow has finally launched. The innovative instant payment method will offer businesses across the U.S. a competitive alternative to the Real-Time Payment Network and the Automated Clearing House for payment transactions. The launch has excited many industry onlookers, but for those of us in the online fraud and fincrime prevention sector, it’s also raised a few concerns.

Let’s start with the positives. FedNow aims to revolutionize payment processing by providing real-time transactions for financial institutions. The system can facilitate transactions around the clock, with a value of up to $500,000 and promises ofunprecedented convenience and efficiency for financial institutions of all sizes that use it. It’s hoped that its launch will enable financial institutions to create new, cutting-edge products and services for their customers and members.

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