CloudFintechPayments

FedNow’s Cloud-Driven Expansion Reshapes U.S. Instant Payments Landscape

The Federal Reserve’s FedNow instant payment service has expanded from 35 to over 1,400 participants since its 2023 launch, with transaction volume increasing more than tenfold year-over-year. Cloud-native architecture built on AWS is enabling unprecedented speed in financial service deployment and emergency payment processing.

Explosive Growth in FedNow Adoption

The Federal Reserve’s FedNow Service has demonstrated remarkable expansion since its 2023 launch, with participation growing from 35 to more than 1,400 institutions, according to reports. Transaction volume and value have reportedly increased by double and triple digits year-over-year, with sources indicating the service has seen north of a 10x increase in transaction volume.

BusinessFintech

Australian Banking Sector Faces Scrutiny Over Inadequate Hardship Response Systems

Australian financial institutions are facing renewed criticism for allegedly failing to properly respond to customer hardship requests. According to regulatory data, nearly 2,900 complaints were filed regarding unaddressed assistance pleas during 2024-25.

Banking Hardship Response Failures Worsen Despite Regulatory Pressure

Australian banks are reportedly failing to adequately respond to a growing number of financial hardship requests from struggling customers, according to exclusive data from the country’s financial watchdog. Sources indicate that automated systems have generated generic responses that fail to account for individual circumstances, while some institutions allegedly provide no response at all.