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Who can access FedNow?
Both businesses and consumers can access FedNow if their bank offers it. In addition to 110 banks and payment processors that took part in the FedNow pilot program, the Fed has relationships with over 10,000 different financial institutions, and all financial institutions eligible to hold accounts at Reserve Banks will have access to FedNow.
Faster payments like FedNow will potentially support a variety of use cases, as shown in the diagram below.
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