July marks the first anniversary of the launch of FedNow, the Federal Reserve’s entry into the U.S. instant payments ecosystem. Depending on one’s perspective, the past year has been either action-packed or a slow, steady climb. The Fed reports that it has enabled 734 financial institutions to participate in its network, either directly or through an array of industry partners. By comparison, The Clearing House’s instant-payments offering, RTP, went live in November 2017.
