Flat characters transfer money with smartphone wallet app Credit/AdobeStock

Last month's one-year anniversary of the FedNow Service launch was a pivotal moment to assess the adoption of real-time or instant payments in the United States. For years, the U.S. lagged other developed nations in embracing this transformative capability, but the launch of FedNow in July 2023 marked a significant turning point.

FedNow operates as a foundational element of a ubiquitous real-time payments infrastructure in the U.S. This allows financial institutions to send and receive instant payments, fundamentally changing how money moves within our economy. Real-time payments enable a world where bill payments clear instantly, funds from payroll deposits are available immediately and B2B transactions happen in real-time. This is the power and convenience that FedNow unlocks.

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