With More Institutions on Board, FedNow Notches Volume and Value Gains

Summary

The episode highlights FedNow’s rapid expansion to 1,600 participating institutions, driving a 460% YoY rise in daily transactions to nearly 30,000 and a total transaction value of $853.4 billion, with average payments soaring to $101,435. It contrasts FedNow’s broader network reach with the Clearing House’s RTP, which, despite fewer participants, processes higher payment volumes due to larger transaction caps. The discussion underscores that banks like PNC are joining both networks, viewing the growth of real‑time payments as a transformative force for the U.S. payments ecosystem.