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SRM Perspectives on Key Industry Trends

One Year Into FedNow: An Unvarnished View of Instant Payments

Posted by Dean Nolan on Aug 15, 2024 12:12:27 PM

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Although instant payments have been available in the United States since 2017 – via The Clearing House’s RTP rails – many in the industry treated last month as their first anniversary. That’s because in July 2023, the Federal Reserve launched its FedNow service, kicking off market competition in earnest.

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Topics: FedNow, RTP, instant payments, Payments Landscape, Emerging Payments

Buy Now Pay Later Providers Face New Scrutiny

Posted by Keith Ash on Aug 13, 2024 8:37:08 AM

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With success comes additional scrutiny. A recent Federal Reserve survey indicates that three-quarters of Americans are familiar with Buy Now Pay Later (BNPL) services, and nearly 10% had accepted such a deferred payment offer in the past 30 days. A modernized take on installment lending for the digital age, BNPL's rapid rise has attracted the attention of lawmakers, regulators, and companies with various stakes in the payments ecosystem.

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Topics: Apple Pay, Chase Pay, Buy Now Pay Later, BNPL, CFPB, Consumer Financial Protection Bureau, Bank Regulation, Credit Union Regulation

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