FedNow Service
The FedNow Service is the Federal Reserve's instant payment system, which lets participating US banks and credit unions send and receive payments in real time, 24 hours a day, every day of the year. Recipients get full access to the funds immediately.
Jurisdiction: United States: operated by the Federal Reserve Banks. Limits as of 12 November 2025; statistics as published by Federal Reserve Financial Services, last updated 20 October 2026.
How it works
FedNow went live on 20 July 2023 with 35 early-adopting banks and credit unions, the US Treasury's Bureau of the Fiscal Service and 16 service providers. The Federal Reserve describes it as a 24x7x365 real-time gross settlement service. By December 2025 it had over 1,500 participating financial institutions.
Since 12 November 2025 the network limit for customer credit transfers and returns has been $10 million, up from $1 million. The limit for liquidity management transfers rose to $10 million from $2.5 million. In the third quarter of 2026 FedNow settled 6,376,467 payments worth $370.9 billion, an average of $58,161 per payment.
FedNow is open to eligible depository institutions, so payment companies reach it through a participating bank or service provider. It runs alongside Fedwire, which keeps business-day hours. For treasury teams, FedNow lets dollar payouts and transfers between own accounts move at weekends, as long as both banks participate.
Example
A firm needs $3,000,000 moved from its funding bank to its payout bank on a Saturday. Both banks participate in FedNow, so treasury sends one transfer within the $10 million limit. Under the $1 million limit that applied before November 2025, the same move needed three transfers.
Frequently asked questions
How is FedNow different from RTP?
Both are US instant payment systems with a $10 million network limit. The Federal Reserve Banks operate FedNow; The Clearing House operates RTP.
Can a non-bank connect to FedNow directly?
No. FedNow serves eligible depository institutions. Non-banks reach it through a participating bank or a service provider.
Where Polynopsis fits
Polynopsis keeps the position live across banks, payout partners and wallets, so instant dollar movements show up in the day's position as they happen.
Compared with
Related terms
Sources
- Federal Reserve announces that its new system for instant payments, the FedNow Service, is now live (20 July 2023) · Board of Governors of the Federal Reserve System
- About the FedNow Service · Federal Reserve Financial Services
- FedNow Service volume and value statistics · Federal Reserve Financial Services
- Customer credit transfer and liquidity management transfer network limit increases (12 November 2025) · Federal Reserve Financial Services
- Announcing 2026 Federal Reserve Financial Services fees and payment system enhancements (4 December 2025) · Federal Reserve Financial Services
- Federal Reserve action to expand Fedwire Funds Service and National Settlement Service operating hours (Federal Register notice, October 2025) · Board of Governors of the Federal Reserve System
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator