News Summary

• Here’s a quick refresher on what that is: FedNow is an instant payment infrastructure for transferring money that promises to be a faster payment rail for financial institutions, offering immediate access to funds no matter the day or time.
• Payments company Matera reviewed data from the Central Bank of Brazil and found that Pix transactions for Q1 2023 totaled 8.1 billion versus 4.2 billion credit card and 3.8 billion debit card transactions.
• Instant payments will provide additional options for consumers to pay bills on time, access their paychecks more quickly, and avoid overdraft fees and predatory lenders.
• But with the government’s very public endorsement of digital payments with the launch of FedNow, that may be changing.Want more fintech news in your inbox?
• Caitlin Long, founder and CEO of Custodia Bank, tweeted about why Adyen, a public European fintech company, was able to get on the list of participants offering FedNow, when, in her words, “isn’t the Fed keeping #fintechs out??
• The U.S. government’s instant payment system, FedNow Service, went live this week.