FedNow^® Service Q&A: Two years of growth and innovation

Since the FedNow Service launched in July 2023, the pace of adoption has been strong, with more than 1,400 financial institutions now live on the service.

In a new Q&A, Chief FedNow Executive Nick Stanescu shares how things are going on the FedNow Service at the two-year mark, as well as what’s ahead.

According to Stanescu, participating financial institutions are driving innovation with instant payment use cases such as payroll and auto loan disbursement. And as industry momentum continues to build, emerging use cases like online marketplace payments and features like request for payment are poised to gain traction.