Checking in on FedNow

Three years in, how is FedNow doing? The FedNow instant payment service realized an 80% increase in volume growth quarter over quarter. Active senders have increased 85% over the last year. FedNow has 1800+ financial institutions participating and membership represents all 50 states. Approximately 50% of members exclusively use the FedNow service. Over 50% of all U.S. checking accounts are reachable. FedNow continues to combat fraud by offering various tools which include FraudClassifier and ScamClassifier. It takes approximately five days for a Bank to sign up and onboard to FedNow. This episode examined an article from Banking Dive titled “FedNow advances over hurdles” and an infographic from the FedNow website. Links to both the article and infographic are included below. Link: FedNow advances over hurdles | Payments Dive Link: Three Years Strong