About
FedNow is the instant payment service operated by the US Federal Reserve Banks, live since July 2023. Participating banks and credit unions send payments that the Federal Reserve clears and settles between institutions in near real time, 24x7x365, including weekends and holidays. The network limit rose from $1 million to $10 million per payment in November 2025, and each institution can set a lower cap. There is no FedNow brand at checkout: individuals and businesses send instant payments, or requests for payment, through their own bank or credit union accounts. In 2025 about 1,600 institutions participated, handling roughly 30,000 transactions a day, up about 460% on 2024.
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