.jpg){kind=avatar}
.jpg){kind=avatar}
The Federal Reserve has recently revealed the first pilot program participants of its FedNow solution. More than 110 businesses will be testing the real-time payments technology, an initiative developed to test the functionality of the service as well as to explore potential new use cases for the tool. In addition to the pilot program, the Federal Reserve is also reportedly planning to roll out an "ecosystem participant" program that involves financial institutions (FIs), payment service providers and other stakeholders looking to integrate real-time payments infrastructure within their own systems and operations.
B2B transaction volume on the ACH Network increased 14.9 percent, hitting 1.2 billion transactions, Nacha noted, pointing to the pandemic as having a profound impact on the economy and on the adoption of electronic payment solutions. In more evidence that B2B payments are digitizing, check payments declined by more than 23 percent year over year in Q4. According to the Federal Reserve, commercial check payments dropped 12.3 percent in Q3, the most recent quarter for which data is available.
https://www.pymnts.com/news/b2b-payments/2021/evolving-payment-rails-make-headway-among-corporates/
