The FedNow instant payments service this week announced it has launched a new account activity threshold feature and raised its transaction limit from $500,000 to $1 million.
With the new feature, financial institutions can set parameters around sending activity for a wide range of customer segments, from established business customers to new individual account holders, as an additional level of security, according to a FedNow statement. At the same time, the new transaction limit will support higher-value use cases, including business-related transactions.
Approximately U.S. 1,400 banks and credit unions are on the FedNow network. Community banks and credit unions make up more than 95% of total participants.
