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FedNow, the real-time payments service from the Federal Reserve, has topped 1,600 participating financial institutions in the more than two years since the network’s 2023 debut. The Fed says more than 100 of them, plus two service providers, joined in the fourth quarter.
FedNow, which enables instant payments between accounts, counted more than 1,100 banks and credit unions at the end of 2024.
The Fed notes that 2025 was a significant year for FedNow with nearly 30,000 transactions made with the service each day. In 2024, it said seven days was the fastest onboarding period for a financial institution, but in 2025 at least one FI was able to enable FedNow activity in five days.
FedNow volume in 2025 increased 460% over 2024. As of Jan. 21, total settled payments totaled more than 8.4 million, up from 1.5 million in 2024 and 47,262 in 2023, when FedNow launched.
An increase in the dollar value of FedNow transactions accompanied the volume growth, with a 2025 value of $853.4 billion and an average payment of $101,435. That is exponentially larger than the 2024 figures of $38.2 billion and $25,376, respectively. The FedNow transaction cap increased in November to $10 million from $1 million.
FedNow is one of two financial institution-based real-time payments services, joining RTP from The Clearing House Payments Co. LLC, which launched in 2017. The Clearing House in December said its processed more than $1.3 trillion in total payments in 2025.
As of Jan. 15, RTP counted 1,135 banks and credit unions enrolled in its service. RTP increased its transaction cap from $1 million to $10 million in February 2025.
