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The Green Sheet Online Edition

March 27, 2023 • Issue 23:03:02

Letter from the editor

FedNow, a new set of payment rails operated by the Federal Reserve and designed to complete payments almost instantaneously, has seemed more like FedNot, FedMaybe or FedTomorrow, but that is no longer the case. This month, the Fed disclosed that FedNow will open for business in July. FedNow is joining RTP, a real-time payment network developed by The Clearing House in 2017. Demand for both services is strong, especially for FedNow among the 10,000-plus FIs that already access the Fed through its FedLine network.

This issue's lead article contains perspectives from experts who've been involved in or tracking FedNow's development. Among the topics they discuss are FedNow's path to date, its possible future impact on automated clearing house transactions, the power of consumer demand, and how to make real-time transactions work for B2B.

In this today's world of omnichannel commerce; real-time, contactless, biometric payments; and POS systems that do everything except, perhaps, clean your house; one contributing writer provides a reminder to not be too quick to dismiss people who aren't embracing technology because understanding and respecting their views can add real value to our endeavors. One writer encourages us to think deeply about what our end goal really is, and why, while another makes a case for getting involved with legislation and rule making that affects our industry before it becomes law, not afterward. And that's not all. Our contributors have also detailed the many reasons why professionals selling merchant services will benefit from using AI in the sales process; payment processing trends in 2023 to watch but not necessarily rely on; and what happens when your business gets taken over by the FDIC.

When it comes to news, we post full stories regularly on www.greensheet.com and have highlighted some of those herein, including coverage of the UK's move to regulate BNPL, the CFPB's decision to not yet regulate BNPL, the ETA's new Forty Under 40 class, and U.S. and UK regulators' swift action following the failure of Silicon Valley Bank. And, as always, you'll find our continually updated Resource Guide, updates on industry milestones, event listings, and company and product profiles.

We always keep in mind our mission to help empower and connect you so that you can flourish in your career. Let us know how we're doing at greensheet@greensheet.com, and please continue to send your press releases to press@greensheet.com. end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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