The Federal Reserve Bank of Richmond published an update on the FedNow Service’s second year, reporting more than 1,400 participants and steady growth in adoption and transaction volumes. The update highlights new product development, including a request-for-payment capability and features being built to support healthcare payments. Participation has risen from 900 at the one-year anniversary, alongside emerging use cases across the industry such as instant payroll, loan disbursements, insurance payouts, merchant refunds and account funding. As volumes scale, FedNow has implemented risk-management tools including account activity thresholds and net send limits to manage liquidity and reduce fraud risk, supported by customer support and digital onboarding processes.
Federal Reserve Bank of Richmond 2025-07-16
Federal Reserve Bank of Richmond reports FedNow Service exceeds 1,400 participants and introduces request-for-payment capability
The Federal Reserve Bank of Richmond reported on the FedNow Service's second year, noting over 1,400 participants and growth in transaction volumes. New developments include a request-for-payment capability and features for healthcare payments. FedNow has introduced risk-management tools like account activity thresholds and net send limits to manage liquidity and fraud risk.