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Main Street Matters Blog
Find out what's happening in communities across America, from grassroots advocacy efforts, to fintech innovations and everyday successes of Main Street banks.
Today, faster payments are changing the overall payments landscape. With the advent of Same Day ACH, The Clearing House’s Real-Time Payments, and the Federal Reserve’s FedNow Service, a round-the-clock real-time payment and settlement service to launch as early as 2023, faster is becoming the new norm for payments.
Digital payments continue to grow in popularity as an easy-to-use way for both businesses and consumers to make payments. Not only does volume and usage continue to grow, but so too do the products and platforms through which businesses and consumers make their digital payments.
The payments landscape continues to evolve. Whereas checks and cash were the dominant payments instruments 40 years ago, today digital payments are becoming an increasingly popular way to pay, and a driving force in the evolution of the relationship between customers and their banks.
The Federal Reserve’s development of the FedNow Service provides the opportunity for all banks—both large and small—to capitalize on the value of faster payments and brings significant benefit to community banks and the businesses and consumers they serve.
The anticipation is mounting as the September 30 deadline nears for early-stage and startup fintechs to submit their applications to be a part of ICBA ThinkTECH Accelerator 2.0, powered by The Venture Center.
ICBA's Kevin Tweddle talks with Chris Johnson of First Financial Federal and Brad Bolton of Community Spirit Bank about engaging with fintechs to deliver next-generation innovation to match consumers’ evolving digital expectations.
