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Three years since FedNow’s launch, the real-time payment network from the Federal Reserve says the number of banks and credit unions enrolled in it now tops 1,800.
That’s 200 more than in January, when it counted more than 1,600 participating financial institutions. That tally includes seven of the 10 largest U.S. banks, Nick Stanescu, executive vice president and chief FedNow executive, says in a statement. FedNow was announced in 2019.
Use cases have grown, he says. In addition to corporate money movement, FedNow is being used for federal emergency relief disbursements and credit unions are able to offer embedded instant financing options for electric vehicles directly on a manufacturer’s Web site, Stanescu says.
FedNow, which launched July 20, 2023, has seen volume grow from zero to more than $853.4 billion in value of settled payments in 2025 on 8.4 million transactions. In the 2026 first quarter, FedNow processed 2.7 million transactions valued at $271.3 billion. RTP, the real-time payment network from The Clearing House Payments Co. LLC, processed 128 million transactions valued at $480 billion in the 2026 first quarter. TCH is owned by 25 of the largest banks. RTP says more than 1,200 financial institutions are enrolled in its network.
Stanescu says the service is evolving. It recently debuted a network intelligence API to help participants stave off fraud. Intuit Inc. recently completed a FedNow certification that will enable small and mid-size businesses to get paid faster, have faster access to funds, and better manage cash flow, he says.
FedNow also revised its transaction limit over the years, launching at $500,000 and bumping it up to $1 million in March 2025 and then to $10 million in November.
FedNow has been refining the onboarding process. In June, AdventHealth Credit Union was able to onboard and go live in five days, aided by its having a master account with the Federal Reserve
