Instant Payments Gain Momentum: Are You Ready to Move Faster in 2025?
Instant payments made a major leap forward in 2024—and the momentum is only growing. As FedNow approaches its 18-month milestone, more than 1,200 financial institutions (FIs) are now live on the network. The RTP network has also seen rapid expansion, growing from over 370 participants in September 2023 to more than 860 by February 2025.
Key developments include:
- RTP’s transaction limit increased from $1 million to $10 million on February 9, 2025. BNY processed the first $10 million customer transaction between financial institutions.
- FedNow’s limit will rise from $500,000 to $1 million this summer, as announced by the Federal Reserve Bank on February 26.
Community banks are increasingly joining the instant payments ecosystem—especially as receivers. For those considering sending capabilities, it’s a smart move to start by reviewing internal bank payments that go to other institutions and selecting a small, diverse group of users to pilot test send transactions.
Bankers’ Bank is here to support your journey. As your settlement partner, we provide liquidity management and funding solutions tailored to your instant payment needs. Community banks benefit from:
- Straight-through processing for operational efficiency
- Finality of payment and confirmation of receipt
- Cost savings on lower-value intrabank payments
Get started today—reach out to your Correspondent Banker or email us at paymentsandcashmanagement@bankersbank.com to explore how instant payments can work for your institution.