PNC Bank Expands Instant Payments by Joining FedNow Service

PNC Bank has expanded its instant payment capabilities by joining the Federal Reserve's FedNow Service, a real-time payment infrastructure that operates 24/7 year-round. This move complements PNC's role as a founding member of The Clearing House's Real-Time Payments (RTP) network and underscores its commitment to supporting the growth of the U.S. payments ecosystem by offering immediate payment solutions. The adoption of real-time payments is rapidly increasing, driven by business needs such as emergency payroll, earned wage access, loan disbursements, and gig economy payouts. Industry leaders highlight that immediate payments are transforming business models and enhancing operational efficiency, with research showing that about one-third of small businesses might switch banks to access such capabilities. The Federal Reserve also emphasizes that institutions like PNC help strengthen collective efforts to deliver efficient payment solutions nationwide. This development reflects a broader trend toward faster, more efficient financial transactions that meet growing customer and business demands.