The Federal Reserve recently announced continued growth of the FedNow Service, highlighting its momentum across the industry and service enhancement plans.
More than 100 institutions are now sending and receiving on the network. See the full list of financial institutions, settlement and liquidity providers and certified service providers.
As participation grows, the Federal Reserve plans to introduce new features and functionality in the coming months. Updates will include:
- Select risk management and operational enhancements that provide additional fraud prevention tools and straightforward access to important account and transaction information.
- A tech-centric developer resource to allow financial institution participants to access documentation and assist with service implementation. These include the recently updated operating procedures, technical specifications, code and message samples.
While future enhancements are underway, value-add features at launch supported early adopters from the onset, including a digital onboarding solution to help organizations and internal teams automate form signing and track progress through the onboarding process. The service also launched with fraud mitigation capabilities, including the ability to set negative lists and identify and investigate instances of fraud or errors.
Join the FedNow Community (Off-site) for ongoing news and updates related to the FedNow Service. Financial institutions also can contact their Federal Reserve relationship manager to discuss initial steps for adopting the FedNow Service.