Faster and smoother payment processes may eliminate float forcorporate payables teams, but they also provide enormousopportunities to streamline processes and gain much more precisecontrol over cash balances. That's why most corporate treasurerslove the idea of being able to initiate and finalize transactionsin seconds, rather than waiting days for them to clear.

Back in August, the U.S. Federal Reserve announced plans to takethe first step toward instantaneous payments in the U.S. market.Since then, the Fed has been working to build out a real-timepayments settlement system, which will be called the FedNowservice. In the announcement, Fed governor Lael Brainard explainedthis move by saying: "Everyone deserves the same ability to makeand receive payments immediately and securely, and every bankdeserves the same opportunity to offer that service to itscommunity. FedNow will permit banks of every size, in everycommunity across the country, to provide real-time payments totheir customers."

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.