Fintech Nexus Newsletter: FedNow advances as big banks show hesitance.

January 19, 2024
1 min read

TLDR: According to the latest update from the Federal Reserve, 400 banks are now participating in the FedNow instant payments network. The network, which launched with 35 institutions in July, has been steadily growing since then. However, some major banks, including Bank of America, Citi, Capital One, and PNC, have not yet joined. These banks are already members of The Clearing House’s RTP network, which allows them to process real-time payments. It is expected that most payments will eventually move to real-time, and when that happens, FedNow is likely to become a major player in the payments industry.

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