FedNow Reaches Participation Milestone

The FedNow Service has hit a new milestone shortly after reaching its one-year anniversary - there are now more than 1,000 financial institutions, headquartered in all 50 states, participating on the service.

Small and midsize financial institutions, including community banks and credit unions, make up more than 95% of the participants on the FedNow Service network. See a list of all participants and certified service providers on FRBservices.org^®.

“The 1,000 financial institutions live on the FedNow Service today reflect the growing momentum for instant payments in the industry,” said Mark Gould, chief payments executive for Federal Reserve Financial Services. “We expect participation will continue to grow in the months and years ahead as financial institutions build out use cases that drive value for themselves and their customers.”

Several participants on the FedNow Service have shared their journey to instant payments as well as innovative ways they are using the service to meet customer needs. You can find their stories on FRBservices.org.

Click here to listen to our interview with Mark Gould on our podcast, The Payments Space. 

Will your institution be next? Let ePayAdvisors perform an operational analysis to get you started in instant payments on the right foot. Click here to submit a Request for Proposal.