FedNow? More Like FedNEVER #BusinessPodcast

10 May 2024 · 1 min

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In this brief segment of the Business Podcast, the host (Speaker A) critiques the rollout of the Federal Reserve’s FedNow real‑time payments system, arguing that it is far from the rapid adoption that officials have promoted. He references an article that contrasts the roughly 80,000–100,000 banks operating in the United States with the fact that fewer than 1,000 of those institutions have actually adopted FedNow, highlighting a substantial gap between expectation and reality.

But like, the FedNow thing is not like catching on the way they thought it would. That article I shared you, they— to me, it made it seem like they, they try to make it seem like banks are adopting it, but then later on in the article, just how many banks are in America? 80,000? More than that, probably like 100,000. Well, in the article it said like 80. Yeah, right. There was less than 1,000 of these banks. Yeah.