FedNow, the real-time payment network from the Federal Reserve, has enrolled more than 1,800 banks and credit unions in its network, marking a significant milestone three years since its launch.
The number of participating financial institutions has increased by 200 since January, when the tally stood at over 1,600.
Nick Stanescu, executive vice president and chief FedNow executive, noted that the network’s growth is due to its expanding use cases.
In addition to corporate money movement, FedNow is being utilized for federal emergency relief disbursements and credit unions are now able to offer embedded instant financing options for electric vehicles directly on a manufacturer’s website, according to Stanescu.
FedNow was first announced in 2019 and launched on July 20, 2023.
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Since its launch, the network has seen a significant increase in volume, growing from zero to over $853.4 billion in value of settled payments in 2025 on 8.4 million transactions.
In the first quarter of 2026, FedNow processed 2.7 million transactions valued at $271.3 billion.
For comparison, RTP, the real-time payment network from The Clearing House Payments Co. LLC, processed 128 million transactions valued at $480 billion in the first quarter of 2026.
RTP has over 1,200 financial institutions enrolled in its network.
Stanescu noted that FedNow is continually evolving, with the recent debut of a network intelligence API to help participants prevent fraud.
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Intuit Inc. recently completed a FedNow certification, which will enable small and mid-size businesses to receive payments faster, have faster access to funds, and better manage cash flow, according to Stanescu.
FedNow has also revised its transaction limit over the years, initially launching with a limit of $500,000, then increasing it to $1 million in March 2025, and finally to $10 million in November.
The network has been refining its onboarding process, with AdventHealth Credit Union able to onboard and go live in just five days in June, aided by its existing master account with the Federal Reserve.
They have made significant progress in expanding the network, which now includes seven of the 10 largest U.S. banks, according to Stanescu.
The Federal Reserve’s real-time payment network is being used for various purposes, including instant financing options.
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