“To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service.”
The Fed says it works with more than 9,000 banks and credit unions. Thirty-five were ready on launch day. Every bank decides for itself whether to sign up, so the instant paycheck in Powell’s quote arrives only when your bank feels like it. He put the timeline at “over the coming years.”