Ep. 61 - FedNow and Its Impact in Our Digital Future
It’s time to end all confusion and misconceptions surrounding FedNow! In this episode, I explore and explain this revolutionary new payment system available from banks and credit unions from July 1st. We’ll dive right into how it works, its benefits, and what it means for consumers. Discover why FedNow is a faster and more secure payment system than traditional methods and eliminates the float times and fees associated with Venmo, Apple Pay, PayPal, Zelle, or check cutting. We look at how it can benefit retailers, businesses, consumers, and banks by providing instantaneous returns and refunds and streamlined wire transfers and ACH batches.
Tune in to learn more about this new, cutting-edge payment system that might just change the banking industry forever!
[00:01 - 04:45] Unpacking the benefits of FedNow and understanding the difference between FedNow and CBDC (FedCoin)
[04:46 - 11:35] Analyzing how FedNow gives instantaneous payments, faster payroll, and enhanced security
[11:36 - 14:29] The possibilities of FedNow’s place in the future of digital payments
[14:30 - 18:10] How consumers win and the timeline of FedNow’s rollout
Quotes:
“What I’m seeing is the confusion of what FedNow really is… We’ve got this all wrong. I think this is a tremendous benefit.” - Qunton Harris
“FedNow has the implications to be one of the superior transfer systems for digital money.” - Quinton Harris
"FedNow gives us the opportunity to embrace that 24/7, 365 environment.” - Quinton Harris
Resources Mentioned:
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