The Federal Reserve shared updated data showing continued growth in the adoption of FedNow, its instant payment infrastructure launched in 2023. Dozens of credit unions have joined the network in the past year, reflecting rising member demand for instant transfers and real-time balances.
A Federal Reserve spokesperson noted that participation continues to increase across institutions of all sizes. Credit unions adopting FedNow typically start with member-to-member transfers and internal transfers, with plans to roll out business payments later.
FedNow is expected to influence digital-banking UX expectations, making real-time movement of money feel like a standard rather than a premium service.
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