January 31, 2025—In January, the Federal Reserve reported that more than 1,200 institutions are now live participants on its FedNow® Service instant payments rail. Transaction volume data for the FedNow® Service for Q4 2024 shows 915,000 total settled payments and quarterly volume growth up 172%. Quarterly value growth is up double digits at 15.4%, and the average daily value of settled payments is now $219 million.
Asim Mian, CEO of Vertifi Software, responded, “The rapid pace of growth in participation among financial institutions and in transaction volume is encouraging. It represents both a growing understanding of the demand for modern payment solutions and a recognition of the benefits of the service even as it continues to evolve.”
The FRB Services website maintains a list of current FedNow® Service participants and service providers which includes both Vertifi and its parent company, EasCorp, which is both a participant and settlement provider. The site also has Industry Stories highlighting the strategies and successes of FedNow® Service participants and providers. The Fed’s next steps for the service include the development of service resources and including new risk management tools.
We at Vertifi are applying our payments and money movement expertise to the continued development of our instant payments gateway and to EasCorp’s settlement service. Our FedNow Service solutions integrate with core processors, digital banking interfaces, and other applications. If you are interested in learning more, please contact us via this form.