FIs adopting FedNow mainly as ‘receive-only’ | Bank Automation News

Adoption of the Federal Reserve’s instant payments platform, FedNow, is growing, however, of the more than 800 financial institutions using it, most are doing so in receive-only mode.  Eighty-six percent of banks and 73% of credit unions are signed up with FedNow as receive-only institutions, according to a report released this year by Cornerstone Advisors. […]