What is preventing any of those mentioned card vendors from integrating with FedNow either directly or via some abstractive layer through another entity? I don't understand why the answer would be 'no for these reasons'.
What is preventing any of those mentioned card vendors from integrating with FedNow either directly or via some abstractive layer through another entity? I don't understand why the answer would be 'no for these reasons'.
The retail payment companies I've seen all use the same structure: they provide a retail interface and then handle monetary transfers within their own proprietary network (effectively a centralized database). To interface with the financial system, they provide a mechanism to occasionally wire funds to/from a traditional bank account. If FedNow has any role in these systems, it's just to speed up the occasional funds-wiring process by a few hours. I have yet to see anyone actually directly using FedNow in any meaningful sense for retail payments.