FedNow: the numbers one-year on
· To coincide with the one-year anniversary of FedNow this July, FXC Intelligence is looking at the progress of the US Federal Reserve’s instant payments rail in a new report . · As of the end of June, more than 800 financial institutions across the US have adopted FedNow. This is up significantly when compared to the 35 participating institutions when FedNow first launched, however it is still some way off its goal to onboard up to around 8,000 institutions in the US. · The cross-border potential of FedNow remains elusive,