On July 20, the Federal Reserve announced the FedNow Service launched with 35 participating financial institutions, the U.S. Department of the Treasury’s Bureau of the Fiscal Service and 16 service providers.
The FedNow Service is poised to grow in the coming years. The Federal Reserve is encouraging each of the nation‘s more than 9,000 banks and credit unions to join the FedNow Service network to help bring instant payments to American businesses and consumers across the nation.
