FedNow went live today. FedNow is a payments and transfers service provided by the US Federal Reserve. Approved financial institutions may use the service to enable immediate payments and transfers. Currently, there are 35 approved institutions out of around 9000 banks and credit unions in the US.
There are also a number of settlement agents and liquidy providers approved for FedNow.
The 35 initially approved are as follows:
| Organization Name | City | State |
|---|---|---|
| 1st Source Bank | South Bend | Indiana |
| Adyen | San Francisco | California |
| Avidia Bank | Hudson | Massachusetts |
| BNY Mellon | New York | New York |
| Bridge Community Bank | Mechanicsville | Iowa |
| Bryant Bank | Birmingham | Alabama |
| Community Bank of the Bay | Oakland | California |
| Consumers Cooperative Credit Union | Gurnee | Illinois |
| Corporate America Credit Union | Irondale | Alabama |
| Eastern Corporate Federal Credit Union | Burlington | Massachusetts |
| First Internet Bank of Indiana | Indianapolis | Indiana |
| Global Innovations Bank | Kiester | Minnesota |
| HawaiiUSA Federal Credit Union | Honolulu | Hawaii |
| INB | Springfield | Illinois |
| JPMorgan Chase | New York | New York |
| Mediapolis Savings Bank | Mediapolis | Iowa |
| North American Banking Company | Roseville | Minnesota |
| Peoples Bank | Clifton | Tennessee |
| Pima Federal Credit Union | Tucson | Arizona |
| Salem Five Bank | Salem | Massachusetts |
| Star One Credit Union | Sunnyvale | California |
| United Bankers’ Bank | Bloomington | Minnesota |
| U.S. Bank | Cincinnati | Ohio |
| U.S. Department of the Treasury’s Bureau of the Fiscal Service | Washington, D.C. | |
| Veridian Credit Union | Waterloo | Iowa |
| Wells Fargo Bank, N.A. | San Francisco | California |
The list on the Federal Reserve’s website is available here.
Caitlyn Long has pointed out that only a single Fintech has received approval to offer FedNow services – Adyen. She notes that Adyen is European Fintech, adding that US Fintechs may be miffed by the fact that a domestic Fintech did not make the list.
1/ 🚨ON THE DAY #FedNow is scheduled to launch, I noticed something…interesting, shall we say. 🤔Among the list of banks & credit unions in the Fed-authorized 1st group of participants is a #fintech–& it's a European fintech, not even an American one. So I went digging… pic.twitter.com/ZIyBMBU7Mb
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) July 20, 2023