FedNow Service Ends 2023 with 331 Participants
The Federal Reserve announced recently that FedNow Service participation continues to show strong growth and diversity heading into the new year, with 331 institutions, headquartered in 45 states and ranging in size from under $500 million to over $3 trillion in assets, now sending or receiving on the network.
The service launched in July 2023 with 35 participating institutions.
“Strong network growth is expected to continue in 2024, bringing accessibility to the FedNow Service through the long-standing connections that the Federal Reserve has with thousands of financial institutions across the country,” the Fed stated.
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