The Federal Reserve has announced a major upgrade to its FedNow Service, raising the per-transaction limit tenfold from $1 million to a new ceiling of $10 million. This significant enhancement is poised to transform the landscape of instant payments in the United States.
This increase is strategically designed to empower financial institutions to support a broader range of high-value, time-sensitive commercial transactions for their customers. Key use cases expected to benefit immediately include large-scale corporate payroll processing, substantial business-to-business (B2B) payments, and significant real estate closings, where the immediate transfer of large funds is critical.
The move underscores the Federal Reserve's commitment to advancing the nation's payment infrastructure and accelerating the adoption of instant payment solutions across various industries, marking a substantial step forward in modernizing the US financial ecosystem.
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