Members come to your credit union in large part for the personalized, convenient experience that a traditional financial institution cannot provide. Digital services like automated loan decisioning have quickly become a way for your credit union to not only do that on behalf of those you serve, but to also differentiate yourself from competitors.
Now, you’ll have a chance to do this yet again–with a little help from the government. Many are familiar with the concept behind the upcoming FedNow instant payment services being offered by the Federal Reserve, but when do they make their debut, and what will they mean for your credit union moving forward? The answers to those questions require you to keep a few key things in mind.
When is FedNow launching?
As of now, the current plan is to begin the FedNow rollout in July 2023. The Federal Reserve will launch the service in phases as more credit unions and other financial institutions join. Note that there has been a pilot program going on since 2021 and more than 120 different banks are already a part of it.
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