FedNow settled 2.73 million transactions worth $271.25 billion in the first quarter of 2026. The average payment was $99,414. Full-year 2025 volumes reached 8.4 million transactions worth $853 billion, a 459% increase over 2024.
More than 1,700 financial institutions can receive FedNow payments. The number enabled to send is far smaller. Sending instant payments requires pre-release fraud detection and core system integration that batch-processed payment rails do not demand.
The Federal Reserve raised FedNow's per-transaction limit from $1 million to $10 million in November 2025, targeting treasury, payroll, vendor, and real estate payments. On April 28, the Federal Reserve launched a Network Intelligence API that gives sending institutions receiver account-level data to assess transaction risk before initiating payments.