FedNow Has 4% of US Instant Payments but 37% of the Value

FedNow, the Federal Reserve's instant payment service, carried about 4% of the payments made on the two US instant payment networks in the third quarter of 2026 but 37% of their value, according to a HaiPay comparison of figures published by the Fed and The Clearing House, which runs the RTP network.

FedNow settled 6.38 million payments worth $370.9 billion in July to September, the Fed's quarterly data released on 20 October show, up 27.6% and 35.0% on the previous quarter. The Clearing House's quarterly report says the RTP network processed 150 million payments valued at $621 billion.

Fewer payments, much larger ones

The difference is in payment size. FedNow's average payment was $58,161 in the third quarter, by the Fed's figures. RTP's works out at about $4,140. RTP handled about 1.6 million payments a day, against FedNow's 69,309.

FedNow's share of value has moved between 32% and 37% this year: 36.1% in the first quarter, 32.3% in the second and 37.4% in the third. Its share of payments has risen each quarter, from 2.1% to 3.4% to 4.1%, as its volume more than doubled from 2.73 million in the first quarter. RTP's volume rose 17% over the same period.

RTP's own share claim has changed

The Clearing House's first- and second-quarter reports said 98% of instant bank-to-bank payments in the US were on the RTP network. Its third-quarter report says over 95%. By HaiPay's count of payments on the two networks, RTP's share was 97.9%, 96.6% and 95.9% in the three quarters, in line with both statements. By value, it was about 63%.

What this does not show

The two operators measure differently: the Fed counts settled customer credit transfers and excludes returns and liquidity management transfers, while The Clearing House reports rounded totals of processed payments without a matching definition. The comparison covers only FedNow and RTP, not other services that move money quickly in the US, such as card-based push payments. HaiPay did not contact the Fed or The Clearing House.

What to watch

Whether FedNow's share of payments passes 5% when fourth-quarter figures are published in early 2027.

Whether its average payment, $99,414 in the first quarter and $58,161 in the third, keeps coming down.

And how The Clearing House words its share of instant payments in its next report.

About HaiPay's payouts to the United States

HaiPay, which publishes this news section, offers mass payouts to bank accounts and e-wallets through a single API, with batch uploads, automatic currency conversion and AML and KYC checks. For the United States, its payout table lists ACH bank transfers and Venmo, PayPal and Cash App. The page does not name FedNow or RTP. Learn more about HaiPay's mass payouts.