The Federal Reserve’s instant payment service, FedNow, turns three on July 20. Federal Reserve Financial Services said on July 15, 2026 that more than 1,800 financial institutions are now live on the network, and its quarterly statistics, updated July 6, show the number of settled payments rose 83.2% from the first quarter to the second.
What changed
- Settled payments, quarter
2,728,510 (Q1 2026)→ 4,997,811 (Q2 2026), +83.2%- Value settled, quarter
$271.3 billion→ $274.7 billion, +1.3%- Average payment
$99,414→ $54,957- Average payments per day
30,317→ 54,921- Institutions livemore than 1,800 (July 15, 2026)
Sources: FedNow volume and value statistics · FRB Services, three years of FedNow · Checked on September 27, 2026
Why it matters
The Federal Reserve Board describes FedNow as an interbank service that supports instant payments in the United States 24x7x365. You only feel it if your own bank offers instant payments built on it. The count of payments nearly doubled while the total value barely moved.
The service is still domestic only. In April 2026 the Board proposed amending Regulation J so FedNow participants could use intermediary banks, which could support the US leg of cross-border payments; comments closed June 9, 2026.
What to do
- Ask your bank whether it can send and receive instant payments, and what limit it applies.
- Compare instant options with ACH and wires: ACH vs wire transfer and how long wire transfers take.
