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FedNow draws some banks, as others lag

January 19, 2024

The Federal Reserve has made headway in adding banks to its new FedNow system, with a tally of 400 participating financial institutions, but some of the biggest U.S. banks are still on the sidelines six months after the instant payments service launched.

Bank of America, Citi, PNC and Capital One — all among the nation’s 10 largest banks, still haven’t signed on to FedNow, according to the Fed’s latest list of participants.

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