In recent years, the need for instant payments has grown. After all, when you can do your banking 24/7/365 from any device and in any location, why should you have to wait hours or even days for payments to process?
Because of that, options for instant payments like Zelle and Venmo have emerged and are widely used across the nation. But now, the Federal Reserve is getting in on the action with the unveiling of their new FedNow option for real-time payments.
As a credit union leader, your members come to you for advice about how to improve their lives. Therefore, you have to ask–when should you promote FedNow instead of an established player like Zelle or Venmo? Understanding the differences between the three choices can help bring you clarity.
The Most Widely Accepted: Zelle
Thanks to the fact that Zelle is owned by seven of the big banks, it has already been seamlessly integrated across a wide range of platforms, making it an incredibly attractive and convenient option over Venmo.
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