FedNow to increase transaction limit to $10M

The FedNow Service network transaction limit will increase to $10 million (up from the current $1 million) starting in November. The increased limit will enable financial institutions and businesses to support higher-value use cases and reflects an increasing demand for the service.

The increased network transaction limit for customer credit transfers positions the FedNow Service to support additional corporate transactions, including corporate treasury and payroll, vendor payments, and real estate transactions.

Financial institutions will continue to have flexibility to set lower transaction limits based on internal risk parameters and business needs.

The FedNow Service currently has more than 1,400 participating credit unions and banks across all 50 states, and the ability to move larger dollar amounts instantly is expected to help modernize payments for financial institutions and businesses across the U.S.