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While FedNow, the instant payment system introduced by the Federal Reserve, was unveiled with much fanfare, it’s important to put its launch into context. FedNow follows the footsteps of similar payment infrastructure programs such as FedWire, Automated Clearing House, and private sector offerings like Venmo and PayPal.

While the success of FedNow remains to be seen, there is no denying that consumer preferences for instant payments – domestically and globally – are on the rise. Credit unions have a unique opportunity to seize on increasing consumer demand and the momentum spurred by FedNow to reevaluate their global remittance payment infrastructure.

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