Skip to content
◆ClearingPost

FedNow

FPS

Federal Reserve's instant payment system. 24/7/365. Launched July 2023. ISO 20022 native. Competes with/complements RTP (TCH). Transaction limit raised to $10M in November 2025 (from $1M). Supports credit transfers and request for payment. Federal Reserve Financial Services said on 23 September 2026 that FedNow will support cross-border payments by carrying the U.S. domestic leg, with the international leg moving through correspondent banking arrangements; a group of organisations will first test enhanced message formats, and the functionality remains contingent on approval of the necessary Regulation J and Operating Circular 8 changes.

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether FedNow is running normally.

Next

Dated items ClearingPost holds, each with its source and whether the date is confirmed

No supported upcoming items in ClearingPost's records for FedNow.

ClearingPost holds sourced upcoming items for 17 of 149 systems; an empty list is a statement about ClearingPost's records, not about a system's plans.

Changed

All recorded changes →

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • Data update
    FedNow participant count increased to 1,901 (Sep 14, 2026) · FedNow participant count increased to 1,901 participating financial institutions
    recorded 17 Sep 2026 · FedNow Service Participating Financial Institutions (as of Sep 14, 2026)
  • Data updateFedNow participant count increased to 1,897 (Sep 8, 2026)
    1,889 (Aug 31, 2026) changed to 1,897 (Sep 8, 2026)
    recorded 13 Sep 2026 · FedNow Service Participating Financial Institutions (as of Sep 8, 2026)source ↗
  • Data updateFedNow participant count increased to 1,889 (Aug 31, 2026)
    1,800+ (July 2026) changed to 1,889 (Aug 31, 2026)
    recorded 7 Sep 2026 · FedNow Service Participants and Service Providerssource ↗
  • Took effectFederal Reserve Operating Circular No. 5 (General Financial Service Provisions) (May 2026)

    Version effective 15 May 2026, superseding the version effective 5 January 2026. Operating Circular 5 sets the general terms applicable across all financial services of the Reserve Banks, including the FedACH Services, the Fedwire Funds Service and the FedNow Service. The May 2026 version is organised in Part A (general terms for all financial services) and Part B (supporting services: Electronic Access, E-Payments Routing Directory, Exception Resolution Service, Payee Name Verification Service and API Service); the January 2026 version set out the Payee Name Verification Service terms in Appendix E. Federal Reserve Financial Services describes the May 2026 update as only a reorganization of the circular into these two parts, with some minor, non-substantive revisions.

    took effect 15 May 2026 · Federal Reservesource ↗
  • Took effectFedNow Service Operating Procedures (Version 3.6 (April 2026))

    Version 3.6 released coinciding with launch of FedNow Network Intelligence API. Supersedes Version 3.4 (February 2026).

    took effect 28 Apr 2026 · Federal Reservesource ↗

Rules & documents

The rulebooks, operating rules and standards documents ClearingPost holds for FedNow, each with its current version, or the latest published one when none is in force yet

Sources ClearingPost reads Federal Reserve · Authoritative (T1) · 13 of 16 fields carry a source and a recorded date · latest sourced entry recorded 17 Sep 2026 · evidence details ↓

Record · FedNow

Country
United States (US)
Currency
US Dollar (USD)
Operator
Federal Reserve
Type
FPS
Operating Window
24/7/365
Year Established
2023
Tier?
Tier 1
ISO 20022?
Native
Region
Americas
Settlement Type?
Gross
Participants
1,901 (Sep 14, 2026)
Avg Daily Transactions
~54,900 (Q2 2026)
Avg Daily Value
$3.02B (Q2 2026)
Notes

Richmond Fed Economic Brief 26-28 (Aug 2026) reports US fast-payment adoption at 0.12 monthly transactions per capita (RTP and FedNow combined, Q1 2026), lowest among surveyed nations (Thailand 35, Brazil 27, Sweden 13, India 11). Source: BIS/Frost et al. (2024) via Richmond Fed.

Federal Reserve official website →
Reference Sources
Federal Reserve
Authoritative (T1)Entry recorded Mar 16, 2026
Status →Statistics →Operating Schedule →Rules →
Reference Documents
Federal Reserve Operating Circular No. 8 (FedNow Service)operating rules
Federal Reserve · April 2026 · Effective Apr 1, 2026
Latest recorded change

Updated FedNow Service rules under Operating Circular No. 8 and Regulation J Subpart C, effective April 1, 2026. Key change: Section 2.6 of Appendix C now expressly allows Reserve Banks to share FedNow participants' fraud contact information with other financial institutions to support fraud mitigation. Redline available against prior June 2025 version.

Entry recorded Sep 16, 2026
View document →
FedNow Service Operating Proceduresoperating rules
Federal Reserve · Version 3.6 (April 2026) · Effective Apr 28, 2026
Latest recorded change

Version 3.6 released coinciding with launch of FedNow Network Intelligence API. Supersedes Version 3.4 (February 2026).

Entry recorded Sep 16, 2026
View document →
Federal Reserve Operating Circular No. 5 (General Financial Service Provisions)operating rules
Federal Reserve · May 2026 · Effective May 15, 2026
Latest recorded change

Version effective 15 May 2026, superseding the version effective 5 January 2026. Operating Circular 5 sets the general terms applicable across all financial services of the Reserve Banks, including the FedACH Services, the Fedwire Funds Service and the FedNow Service. The May 2026 version is organised in Part A (general terms for all financial services) and Part B (supporting services: Electronic Access, E-Payments Routing Directory, Exception Resolution Service, Payee Name Verification Service and API Service); the January 2026 version set out the Payee Name Verification Service terms in Appendix E. Federal Reserve Financial Services describes the May 2026 update as only a reorganization of the circular into these two parts, with some minor, non-substantive revisions.

Entry recorded Oct 8, 2026
View document →
See all FPS systems →See all systems in United States →ISO 20022 migration status →Payment rails by country →
Other systems in the same country or region
FedwireRTGS
United States · USD · Federal Reserve
FedACH / NachaACH
United States · USD · Federal Reserve / Nacha
CHIPSRTGS
United States · USD · The Clearing House
LynxRTGS
Canada · CAD · Payments Canada
SPEIHybrid
Mexico · MXN · Banco de Mexico
STRRTGS
Brazil · BRL · Banco Central do Brasil

Operations · FedNow

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for FedNow (24)

Coverage whose headline or summary names FedNow, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the FedNow operator or external.

NewsSep 28, 2026Headline names “FedNow”
FedNow Will Support Cross-Border Transactions, Federal Reserve Financial Services Says
The international portion of each transaction will continue to travel through established correspondent banking arrangements.
External source · PYMNTS
NewsSep 7, 2026Headline names “FedNow”
Federal Reserve Sets FedNow Statement Credits of Up to $80,000 From January 1, 2027
The largest credits are reserved for institutions that enable FedNow send and also participate in the FedACH Receipt Discount Program.
Operator source · Federal Reserve Financial Services
NewsAug 29, 2026Summary names “FedNow”
Richmond Fed: US Instant Payments at 0.12 Per Capita, Far Behind Global Peers
Three years after FedNow launched, a Federal Reserve Bank of Richmond study finds that combined US instant payment volume amounts to less than one transaction per person every eight months, far short of adoption levels in leading Asian and Latin American markets.
External source · Federal Reserve Bank of Richmond
AnalysisAug 18, 2026Headline names “FedNow”
FedNow at Three: Volume Nearly Doubles as Smaller Payments Drive Growth
Three years after launch, FedNow's quarterly transaction count jumped 83% to nearly five million in Q2 2026 while total settled value barely moved. The drop in average payment size from $99,000 to $55,000 points to a system expanding beyond early large-value adopters into routine commercial payments.
Operator source · Federal Reserve Financial Services
NewsJul 20, 2026Summary names “FedNow”
ASC X9 Publishes First US QR Code Payment Standard
The Accredited Standards Committee X9 released X9.150, creating a common framework for merchant-presented QR codes that can initiate push payments across FedNow, RTP, ACH, and emerging digital payment rails in the United States.
External source · PYMNTS
NewsJul 15, 2026Headline names “FedNow”
FedNow Average Payment Falls to $55,000 in Q2 2026 as Transaction Count Surges 83%
Federal Reserve quarterly data reveals FedNow's average payment size dropped 45% to $54,957 in Q2 2026, down from $99,414 the prior quarter. Total volume surged 83% to nearly five million transactions, though aggregate value of $274.7 billion barely budged from Q1.
Operator source · Federal Reserve Financial Services
NewsJul 10, 2026Headline names “FedNow”
FedNow Surpasses 1,800 Participants Ahead of Third Anniversary
In 2025, FedNow settled $853.4 billion across 8.4 million transactions. First-quarter 2026 activity reached 2.7 million transactions valued at $271.3 billion.
External source · Digital Transactions
NewsJul 3, 2026Headline names “FedNow”
FedNow Surpasses 1,800 Participants With $853 Billion in 2025 Settled Value
The Federal Reserve's instant payment service now includes more than 1,800 financial institutions, adding roughly 200 since January 2026. Full-year 2025 data shows 8.4 million settled payments worth $853.4 billion, representing 459% volume growth over 2024.
Operator source · Federal Reserve Financial Services
AnalysisJun 12, 2026Headline names “FedNow”
US Instant Payments Settle Combined $751 Billion in Q1 2026 as FedNow and RTP Diverge on Payment Size
RTP's volume lead remains wide. Its single-day record of 2.27 million transactions on May 1 exceeded FedNow's Q1 daily average of 30,317 by a factor of 75. FedNow's value trajectory, however, is extraordinary: the $271.
Operator source · Federal Reserve Financial Services
AnalysisMay 27, 2026Headline names “FedNow”
Three US Policy Tracks Converge on Non-Bank Access to Fedwire and FedNow
A White House executive order, a Federal Reserve Board rulemaking, and bipartisan legislation are independently advancing non-bank access to Fed payment services, creating the most concrete pressure for structural change since the 2023 master account guidelines.
External source · White House
Showing 10 of 24 · View all intelligence →

Wider coverage that mentions FedNow (4)

These articles mention FedNow in their text but not in their headline or summary, so they are listed as context rather than as FedNow intelligence.

RegulationJul 2, 2026Text mentions “FedNow”
House Financial Services Committee Debates Fintech Access to Federal Reserve Payment Systems
Stripe Vice Chair Eileen O'Mara testified that current frameworks force payment companies into inappropriate regulatory categories. O'Mara argued that direct Fed access would benefit small businesses through faster settlement.
External source · House Financial Services Committee
NewsJun 26, 2026Text mentions “FedNow”
House Financial Services Committee Debates PACE Act to Open Fed Payment Rails to Nonbanks
Representative Young Kim highlighted the legislation as a payments modernization priority at the hearing.
External source · Office of Rep. Young Kim
RegulationMay 1, 2026Text mentions “FedNow”
PACE Act Proposes Direct Federal Reserve Payment Access for Licensed Nonbank Firms
Nonbank payment firms currently route Federal Reserve payment transactions through bank intermediaries. The bill's sponsors cite intermediary markups of up to 100 times the Fed's per-item processing fees.
External source · PYMNTS
GuideMar 11, 2026Text mentions “FedNow”
RTGS, ACH, and Fast Payment Systems: A Practitioner's Guide to Payment Rails
RTGS systems settle payments individually (gross) and immediately (real-time) in central bank money.
External source · BIS CPMI
Not listed here: 4 tagged articles that do not mention FedNow. All coverage is in Insights.