CATALYST #3: FedNow will Supercharge the Economy… Think of the 40-year-old U.S. banking system as the dial-up internet of the late 1990s… and FedNow as the wireless internet that Americans presently enjoy.
The analogy is perfect, friends!
See, lightning-fast internet speeds sparked the online retail boom (Amazon)… the smartphone boom (Apple)… the cloud-computing boom (Microsoft)… the streaming boom (Netflix)… the gene-editing boom (Illumina)… the microchip boom (NVIDIA)… and the cryptocurrency boom (Bitcoin).
No such boom was possible without lightning-fast internet access.
The same goes for lightning-fast access to money…
By (finally) removing the antiquated “bank float” — i.e. the three-day period typically required for cash deposits to become available for withdrawal — FedNow is set to unleash an additional $2.7 trillion through the U.S. economy every year, which means…
?? No more container ships sitting in port, waiting for payments to clear…
?? No more cargo planes sitting on runways, waiting for payments to clear…
?? No more 18-wheelers sitting on loading docks, waiting for payments to clear…
?? No more sushi-grade salmon chilling in icehouses, waiting for payments to clear…
?? No more coffee beans… bolts of fabric… cosmetic goods… laser-jet printers… protein powder… diet pills… puffy coats… prescription drugs… or whatever else… sitting in storage warehouses, waiting for payments to clear.
By laying the real-time “rails” upon which a fully digital economy can prosper and thrive, FedNow allows the two most powerful economic drivers on Earth — money and speed — to merge into one cohesive force.
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