Participation in the Federal Reserve’s real-time payment settlement service, FedNow, has expanded from an initial group of 50 banks and credit unions to more than 100, Fed Gov. Christopher Waller said Friday at a payments conference held by the Brookings Institution.
Since FedNow’s launch in July, the sign-ups have been growing, while internal projections indicate the number could rise to approximately 350 by year-end, Waller added. Uptake of the long-awaited payments settlement service remains robust, he said when asked about the lower-than-expected adoption among banks.
