Financial institutions are primarily using FedNow for receiving purposes.

Adoption of FedNow, the Federal Reserve’s instant payments platform, is growing, but of the more than 800 financial institutions that use it, most do so in receive-only mode. According to a report released this year by Cornerstone Advisors, 86% of banks and 73% of credit unions have signed up for FedNow as receive-only institutions. (…)