The news: FedNow is changing its rules to allow its real-time payment rails to service cross-border payments, per a board memo.

Zooming out: FedNow’s launch in 2023 was seen as a big step forward for payments, but consumer uptake has lagged despite strong growth. FedNow’s quarterly volume soared 458.8% YoY in Q4 2025, representing 2.4 million payments on its network. 

Compared with ACH or card credit volume, which we forecast to reach $4.057 trillion in transaction value this year, FedNow remains in a nascent stage of development.