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Standardizing Faster Payments Terminology

With the long-awaited launch of FedNow just a few months away, you are hearing the terms faster payments, real-time payments, instant payments, and emerging payments more than ever before. But are we all on the same page as to what these terms mean?  A quick search of industry resources will show you that the variances in usage can be confusing. 

Recognizing the value of standardizing the definitions we use in our education programs, ePay has adopted the definitions outlined below. Our foundation is the Faster Payments Council’s definition of faster payments and definitions from the Federal Reserve that we presented in our Faster Payments Town Hall this spring.

Click the Read More button below to read the complete blog from Michael Jeffcoat, AAP, NCP, APRP, Director, Strategic Innovation.