The Federal Reserve Bank of Richmond highlighted a FedNow Explorer news center article describing how banks are racing to compete with nonbank providers as customer demand grows for faster, always-available ways to move money, intensifying competition amid rapid growth in instant payments.
Federal Reserve Bank of Richmond 2025-11-07
Federal Reserve Bank of Richmond highlights FedNow article on banks racing to compete with nonbanks as instant payments surge
The Federal Reserve Bank of Richmond reported on a FedNow Explorer article detailing how banks are intensifying efforts to compete with nonbank providers due to increasing customer demand for instant payments. This competition is driven by the need for faster and always-available money transfer solutions.