United States · Account Transfer · Est. 2023
The Federal Reserve's instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365. Launched in July 2023, FedNow is the first new Fed payment rail in 50 years and aims to democratise instant payments by giving all 10,000+ US depository institutions direct access (unlike the private-sector RTP). Supports credit transfers up to $500K with plans to add request-for-payment and other features. Note: FedNow shows extreme growth rates as it scales from a low base — value jumped 35x in Q3 2024 as larger institutions onboarded, which is typical for newly launched payment systems.
FedNow is United States’s real-time payment system (Account Transfer), launched in 2023. The Federal Reserves instant payment service enabling US banks and credit unions to send and receive payments in seconds, 24/7/365.
FedNow processed 8.4 million transactions worth $853.5bn in 2025, a year-on-year change of +458.9%.
FedNow is operated by Federal Reserve, with instant settlement.
FedNow launched in 2023, and today has 1,000 participating institutions.
FedNow supports request-to-pay, ISO 20022 messaging.
Data source: Federal Reserve.
| Capability | Status |
|---|---|
| QR Code Payments | — |
| Wallet Support | — |
| 24/7 Availability | ✓ |
| Cross-Border | — |
| ISO 20022 | ✓ |
| Request to Pay | ✓ |
| Open API | ✓ |
| Alias/Proxy | — |