Articles from Federal Reserve Financial Services

For about 1 in 7 payments, consumers still pay with cash despite the growing proliferation of digital payment options, according to the 2026 Diary of Consumer Payment Choice (Diary), the annual survey from Federal Reserve Financial Services measuring the evolving role of cash in the U.S. economy.

Federal Reserve Financial Services (FRFS) announced its latest risk mitigation tool, a new network intelligence API, will launch on April 28 for early adopters of the tool. The API provides financial institutions and service providers with receiver account-level data observed over the service, adding an extra layer of information to help participants assess the risk of a potential payment.

Federal Reserve Financial Services (FRFS) today announced new actions to better support the circulation of pennies for commercial activity. Beginning on Jan. 14, the Federal Reserve will resume accepting pennies from banks and credit unions at commercial coin distribution locations providing services under arrangements with the Federal Reserve that were previously suspended.

Federal Reserve Financial Services (FRFS) will increase the FedNow Service network transaction limit from $1 million to $10 million in response to growing commercial demand, effective November 2025. The increased limit will enable financial institutions and businesses to support higher-value use cases and reflects an increasing need for speed and certainty in the modern payments ecosystem.

Federal Reserve Financial Services (FRFS) today announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service, a major advancement in the evolution of the nation’s payments infrastructure. As global e-commerce grows and evolves, broad adoption of this new message format aligns U.S. payment transactions with an industry standard that enables greater end-to-end efficiency of transactions, further encouraging innovation across the payments landscape.

U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released today by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase.

Federal Reserve Financial Services today announced the launch of FedDetect Anomaly Notification for FedACH® Services, a new risk management service that helps financial institutions identify anomalous activity and supplement their fraud detection and alerting tools. This new addition to FedACH Risk® Management Services allows financial institutions to receive notifications via secure email when anomalous FedACH activity is detected.

The Federal Reserve System’s FedCash® Services today announced broad availability of its new E-Manifest Service to all financial institution customers of the Federal Reserve Banks and their servicing armored carriers. This milestone announcement delivers on the Federal Reserve’s commitment to advancing Cash Visibility and adoption of GS1 Standards for cash supply chain logistics and package tracking.

The Federal Reserve will have a notable presence at this year’s Money20/20 conference on Oct. 23-26 in Las Vegas, including representation from Governor Christopher Waller of the Federal Reserve Board. Attendees will also have opportunities to learn more about the FedNow℠ Service, a new instant payment service launching mid-year 2023.

Federal Reserve Financial Services today launched the FedPayments® Insights Service, a business and analytics tool that generates reports on a financial institution’s payments settled through the FedACH Service to help the organization advance its business strategy and day-to-day ACH operations.