The Point

Introducing the NOW Network: Enabling a Profoundly Simple Payments Experience

Nov  05 
Jeff Yabuki  President and CEO, Fiserv 

At Money20/20, an epicenter of emerging payments conversation, I introduced the NOW® Network from Fiserv. This network embodies a new approach to payments beyond the point of sale, enabling the technology, information, connections and capabilities needed to make payments simple for consumers, while creating additional value for financial institutions.

The following video provides a glimpse of the NOW Network, and its potential to change the way we all pay:


Each year, there are more than 55 billion payments that don't involve paying for something at a point of sale – they are payments made by people, businesses, and even governments for everything that you can imagine. These payments tend to be slower, and are often paper-based, which means they don't always deliver the speed and convenience expected or desired. In addition, the payment experience is fragmented, with multiple solutions and providers forming and sometimes disintermediating the payments value chain for consumers and financial institutions.

Payments beyond the point of sale are one of the last frontiers of money movement evolution. It's time to make these payments fast, easy and smart.

The NOW Network will connect everyone that people want to pay – from other people to businesses – to create a frictionless payment experience, enhanced with real-time money movement capabilities. To benefit financial institutions, the NOW Network will eliminate redundant back-end systems by combining electronic endpoints and routing capabilities.

The NOW Network will initially support the integration of capabilities such as bill payment, person-to-person payments and account-to-account transfers to streamline the payments experience beyond the point of sale. As the network evolves, consumers will ultimately have access to a simplified payment experience through their financial institution that enables them to move and manage money at the time they choose: instantly, same-day, next-day or on a scheduled date in the future.

As consumers, we are being trained through most aspects of our life, to expect more. Our heightened expectations are fueled by technology advances that impact how we live, how we work and even how we pay. As a provider of financial technology services, this rising bar is a way of life for Fiserv, particularly when it comes to payments. We must deliver ever advancing experiences that are memorable, meaningful and even, dare I say, tweetable.

We believe that when people, their money, and those they pay are all connected, the payments experience becomes profoundly simple – consumers should only need to know who, how much, and at what speed they want the money to move.

With our bill payment, person-to-person and transfer capabilities, along with the scale and necessary assets to build out the speed and intelligence to buttress a smart network, Fiserv is uniquely qualified to bring this new approach to payments to the marketplace. Our goal is to enable the financial services industry to provide meaningfully differentiated value to their customers and we are re-imagining the financial services experience to do that. The NOW Network is the next step in that journey.