The benefits of enabling send
with the FedNow® Service |
| Sending transactions over the FedNow Service unlocks new opportunities for financial institutions to serve their customers as well as gain faster, stronger return on their investment — beyond what receiving instant payments can offer. By enabling send capabilities with instant payments, banks can: |
| • | Provide better customer service through the transparency and convenience of instant payments | | • | Retain or gain customers seeking send capabilities | | • | Discover more revenue generation opportunities than with receive-only (such as new loans) | | • | Reduce costs associated with processing higher-touch transaction types (such as checks) | | • | Gain operational efficiencies and reduce manual interventions (e.g., convert small-dollar wires to instant payments) | | • | Generate new fee income through send monetization strategies | |
| Get tips on how your organization can implement and scale send capabilities at your own pace. |
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