The ability to make and settle payments in real time provides your customers with the ability to make timely payments and have access to immediate funds. Flexibility is crucial when supply chain issues and other unexpected headaches can make your customers’ lives more difficult. Moreover, small businesses see it as a way to automate operations and satisfy their own customers. Community banks should be preparing for faster payments now.
In this paper, Getting Started with Faster Payments and FedNowSM we explain how your bank can prepare for instant payments. We highlight several payments options and take a detailed look at the FedNowSM Service platform.