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.