Welcome to The Interchange! If you want this in your inbox, sign up here. It was an event-filled week in the fintech world, what with FedNow launching, the former CEO of fintech Bolt — and the company itself — being subpoenaed by the U.S Securities and Exchange Commission and much more. Let’s drill down here.
It’s about time
Last week, the U.S. government’s instant payment system, FedNow Service, finally went live.
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. As you know, this is huge because banks aren’t traditionally open 24/7 or let you receive money and use it on the same day.
It’s also something that the U.S. has been considered “behind” on in light even though other countries have been live with similar services for some time, including Brazil, India, the United Kingdom and the European Union …
