WASHINGTON—As 2023 comes to a close, the Federal Reserve is reporting its new FedNow Service has 331 institutions participating as senders or receivers on the network.
According to the Fed, the institutions reflect a diverse range of banks and credit unions, headquartered in 45 states and ranging in size from under $500 million to over $3 trillion in assets.
The service launched in July 2023 with 35 participating institutions.
“Strong network growth is expected to continue in 2024, bringing accessibility to the FedNow Service through the long-standing connections that the Federal Reserve has with thousands of financial institutions across the country,” the Fed stated.
Transition Phase
Added Ken Montgomery, first VP for the Federal Reserve Bank of Boston and FedNow program executive, “These are still early days for the FedNow Service, and we are pleased with the robust level of adoption over the first few months as we transition from launch phase to standard operations. We commend the growing number of financial institutions, service providers and other organizations in the payment ecosystem that are embracing the vast potential of this modern, instant payments system.”
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