Fed Now
One year after its launch, the FedNow Service has surpassed 900 participating financial institutions — up from 35 that were live on the first day.
The service, designed to meet the needs of U.S. financial institutions of all sizes, comprises a diverse set of participants ranging from under $500 million to more than $3 trillion in asset size. Additionally, community banks and credit unions make up 78% of the total number of participants.
“We are encouraged by the remarkable momentum of the FedNow Service and are excited to see individuals and businesses start to reap the benefits of instant payments, such as gaining more control over cash flow and precisely timing payments,” said Mark Gould, chief payments executive of Federal Reserve Financial Services.
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