Core Insights - PNC Bank has joined the Federal Reserve's instant payments system, marking a shift from a small group of major financial institutions that have not yet participated [1][2] - Capital One Financial plans to join FedNow by the end of the year, indicating a trend among banks to adopt instant payment systems [1] Group 1: PNC Bank's Strategy - PNC aims to support the growth of the U.S. payments ecosystem and enhance client value by joining the FedNow system [2] - PNC was a founding member of the RTP network, which has been operational since 2017 and is owned by PNC and other banks [2] Group 2: Demand for Instant Payments - There has been a surge in demand for faster payment services, driven by use cases such as emergency payroll, earned wage access, loan disbursements, and gig economy payouts [3] - Businesses are prioritizing speed, efficiency, and customer satisfaction, leading to rapid growth in immediate payments [3] Group 3: Market Participation - Citibank, previously a holdout, has joined FedNow, marking a milestone in its strategy to expand instant payment capabilities [4] - Bank of America has not yet joined FedNow, indicating varying levels of adoption among major banks [4] Group 4: Payment Systems Performance - The RTP system processes significantly more payment volume than FedNow due to its earlier launch [5] - The Clearing House reported a record of 1.8 million transactions valued at $5.2 billion processed in a single day [6] - FedNow has attracted 1,500 out of approximately 9,000 U.S. banks and credit unions, highlighting challenges in increasing participation [6]

业内创新者亦将在会上分享如何在技术突破与系统稳定间取得平衡。伍德预计将继续强调加密资产提升 全球金融效率的长期作用；身为全球最大资管机构高层的Goldstein或聚焦机构级资产代币化及其对投资 组合管理的影响。前CFTC主席、现任Circle法务头部人物Tarbert的参与，凸显该公司在全球支付版图中 影响力上升。Coinbase方面则预计谈及合规与创新的平衡，传统银行代表Spence将论述在数字化浪潮与 实时支付需求下的应对之道。 该会议全程将在美联储官网与YouTube直播，以提升透明度与参与度。在华尔街与加密圈顶级人士同场 对话之际，美联储显然已将支付创新视为不仅是改变美国人支付方式的议题，更是重新塑造数字时代金 融体系运行方式的战略起点。 大会核心议题为围绕传统金融(TradFi)与去中心化金融(DeFi)的加速融合，重点聚焦稳定币在支付领域 的应用、新型商业模式及金融资产代币化。美联储有意探讨数字资产在跨境支付、金融普惠与实时清算 方面的潜在优势。据悉，沃勒预计将强调支付创新应继续由私营部门主导，并重申竞争而非监管本身才 是推动支付系统更安全与更高效的关键动力。 会议召开之际，美联储正在推进2023 ...

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: -Electronic payments operator Nacha logged a 5.2% third-quarter increase in payments flowing over its ACH automated network, compared to the year-ago period, thanks partly to increased transactions for the internet and healthcare industries. Transactions climbed to 8.8 billion while the dollar value jumped 8.2% to $23.2 trillion, Nacha said in a press r ...

Core Insights - The Federal Reserve will increase the FedNow instant payments transaction limit from $1 million to $10 million in November, allowing financial institutions to customize transaction sizes based on their internal risk and business needs [9] - The demand for instant payments is rising, with the number of financial institutions using FedNow growing by approximately 8% since April, reaching about 1,400 banks and credit unions [6][9] - FedNow processed $245.8 billion in transactions during the second quarter, while its competitor, The Clearing House's RTP network, handled $481 billion, indicating strong competition in the instant payments market [7] Demand and Growth - The Fed's decision to raise the transaction limit was driven by increasing demand from financial institutions and businesses [3] - FedNow settled roughly 1.3 million transactions in the first quarter, a 43% increase compared to the previous quarter, and facilitated 2.1 million transactions in the second quarter, marking a 63% surge [6] Competitive Landscape - FedNow faces significant competition from The Clearing House's RTP network, which processed nearly triple the amount of payments compared to FedNow in the first quarter [7] - The introduction of new FedNow risk mitigation tools earlier this year aims to enhance the service's appeal to financial institutions by allowing them to tailor their instant payment capabilities [3][5]

Group 1 - The Federal Reserve should continue to support technology and innovation, particularly in emerging fields like digital assets and artificial intelligence, to modernize the U.S. payment system and drive economic growth [1][2] - The recent shift in the Federal Reserve's regulatory stance towards cryptocurrencies and related businesses is seen as a significant victory against "crypto de-banking," as it has gradually withdrawn special oversight of banks involved in crypto activities [1][2] - The Federal Reserve's July FOMC meeting minutes indicated that some participants believe stablecoins could enhance payment system efficiency and increase demand for underlying assets, such as U.S. Treasuries [2] Group 2 - Waller emphasized the importance of collaboration between the Federal Reserve and the private sector to embrace a "technology-driven revolution" propelled by innovations like tokenization, smart contracts, and distributed ledgers [2][3] - The Federal Reserve is actively researching new financial technology innovations, including tokenization and artificial intelligence, to enhance the payment system [3] - The introduction of the FedNow instant payment network aims to enable real-time fund transfers for eligible banks, helping the U.S. catch up with rapidly developing global real-time payment systems [2]