A total of 108 institutions are now using the FedNow service, the Federal Reserve said today. In addition, 21 financial institutions are providing liquidity and settlement services, and 20 service providers are supporting payment processing in the instant payments infrastructure.
FedNow launched in July with 50 early adopters. The Fed said that as participation grows, it will continue to prioritize enhancements to the service and will introduce new features and functionality in the coming months. Updates will include select risk management and operational enhancements of the service geared toward providing additional fraud prevention tools, and access to important account and transaction information.