Finance Chiefs Take Measured Approach to Using Real-Time Payments

null By Kristin BroughtonNov. 2, 2023 5:30 am ETThe Federal Reserve rolled out its FedNow real-time payments system in July. Photo: win mcnamee/ReutersWith real-time payments, chief financial officers can pay their suppliers in seconds, but many CFOs are holding off on using them in the back office, waiting to see if the value ultimately outweighs the costs. The Federal Reserve in July rolled out FedNow, a real-time payments system that allows businesses and consumers to move money instantly. The launch aims to expand access to faster payments to more financial institutions and their customers. A similar payments system from the Clearing House, a payment network owned by large financial institutions, launched in 2017. Both services offer instant settling and clearing at all times of day. Other payment methods can take longer or aren’t available around the clock. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your articl