FEATURING: Nick Stanescu, FedNow Business Executive, Federal Reserve Financial Services
Nearly two-thirds of consumers indicate they manage their financial relationships predominantly online or via their mobile device. In addition, nearly 70% of consumers feel faster payment capabilities from their current financial institution is an important driver of satisfaction.
To address these expectations, the Federal Reserve Banks are developing FedNow to enable financial institutions of every size to provide safe and efficient instant payment services in real time, around the clock, every day of the year.
We have Nick Stanescu, FedNow Business Executive, Federal Reserve Financial Services, on the Banking Transformed podcast. Nick provides an update on the future introduction of the FedNow Service and discusses the benefits of the service in the future.
The FedNow Service is a new instant payment infrastructure that the Federal Reserve Banks are launching in mid-2023 to enable financial institutions of every size across the U.S. to provide safe and efficient instant payment services in real time, 24x7x365.
For more information visit https://explore.fednow.org/
About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.