A new account activity threshold feature is now available for the FedNow Service, allowing financial institutions to strengthen risk mitigation efforts by defining dollar value and transaction velocity thresholds based on customer segments. The new functionality coincides with a transaction limit increase from $500,000 to $1 million to support higher-value use cases, including business-related transactions.

The FedNow Service is nearing its second anniversary with approximately 1,400 banks and credit unions on the network across all 50 states. Community banks and credit unions make up more than 95% of total participants. As the network expands, Federal Reserve Financial Services continues to explore additional features in consultation with the industry.

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