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.

As the FedNow Service enters its second year, the Federal Reserve is focused on growing the FedNow Service network, ensuring a smooth, efficient onboarding process for participants, and building new features and functionality to further enhance the service.

Register for the FedNow Service Town Hall on Wednesday, August 14 at 2:00 p.m. ET to learn more about the first year of the service and what’s ahead. This complimentary 60-minute virtual event will feature insights on the first year of the FedNow Service. Federal Reserve leaders will also preview what’s next for the service and upcoming engagement opportunities. You’ll also hear about innovative industry use cases and take a tour of the FedNow Service Provider Showcase.