What are the benefits of FedNow?

One primary benefit of FedNow is that it will likely open up instant payment services to more financial institutions, including smaller, community banks. For individuals, FedNow could entail faster access to paychecks. For businesses, instant payments can promote efficiency, reduce errors, and improve customer convenience.

As FedNow adoption grows, more people will potentially benefit from faster payments. The adoption and success of FedNow will rely on multiple institutions and individuals—the so-called “faster payments ecosystem” detailed below.