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FedNow Service hits new milestone with more than 100 participating organizations
The Federal Reserve announced today that the FedNow Service has experienced strong growth following its launch in July, with 108 institutions now sending and receiving on the network. In addition, 21 financial institutions are providing liquidity and settlement services, and 20 service providers are supporting payment processing in the instant payments infrastructure. “The momentum and interest we’re seeing in the FedNow Service in the weeks after launch reflects the noteworthy support from early adopters and underscores the changing U.S. payments landscape,” said Ken Montgomery, first vice president of the ... (full story)