Core Insights - PNC Bank has joined the FedNow Service, enabling it to send and receive instant payments 24/7, which is expected to enhance its Treasury Management capabilities [2][3] - The adoption of immediate payments is rapidly increasing as businesses focus on speed, efficiency, and customer satisfaction, with significant growth noted since the launch of the Real Time Payments network in 2017 and FedNow in 2023 [3] Group 1: PNC Bank's Involvement - PNC Bank's entry into the FedNow Service is aimed at driving value for clients and supporting the growth of the payments ecosystem in the U.S. [2][3] - The bank's commitment to immediate payments reflects a broader trend where financial institutions are modernizing their payment systems to meet customer demands [5][6] Group 2: Industry Trends - Research indicates that 61% of small businesses turn to FinTechs for payment solutions when banks do not meet their needs, highlighting the competitive landscape for financial institutions [4] - A third of small businesses are willing to switch banks for access to real-time payment options, emphasizing the importance of such services in retaining clients [4] Group 3: FedNow Service Growth - The FedNow network has expanded to over 1,400 participants from just 35 at its launch, showcasing significant growth in the adoption of instant payment solutions [7] - Transaction volume and value on the FedNow network are increasing at double- and triple-digit rates year on year, with a reported increase of over 10 times in transaction volume [7]