The Rollout of FedNow with Mark Gould

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When FedNow launched last July there was a lot of excitement in the financial community about the first new payments rail from the Fed in fifty years. There was also some trepidation. What would the rollout look like? Would banks take a wait-and-see approach? And how would the presence of RTP affect adoption?
Now, almost eight months later we have answers to many of these questions. My next guest on the Fintech One-on-One podcast is Mark Gould, the Chief Payments Executive at the Federal Reserve Financial Services. He is the head of FedNow, and has steered the Fed through its successful launch and now into its growth stage.
In this podcast you will learn:
- The many different roles Mark has held at the Fed.
- What the Fed’s role is exactly in the payments system.
- The number of banks that are now on board with FedNow.- How the FedNow system actually works.
- What Mark’s pitch is when talking to prospective banks.
- The difference between signing up for send and receive.
- How fintech companies should think about FedNow.
- The primary use cases that are flowing through FedNow right now.
- How Mark thinks about RTP from The Clearing House.
- The idea of interoperability between RTP and FedNow.
- How Mark expects the mix of payment types to evolve over the next decade.
- The tools that the Fed has in place to prevent fraud.
- The transaction limits that are in place today.
- The short term product roadmap for FedNow.
- When Mark thinks there will be ubiquitous availability of instant payments.
- What it will take for consumers to have an expectation that payments will be instant.