Capital One Joins FedNow, Leaving Bank of America as Last Major Holdout

Capital One has joined the Federal Reserve's instant payments system, FedNow, becoming the last major bank to participate. The system allows for real-time transfers between banks, and has attracted over 1,550 financial institutions since its launch in July 2023. Bank of America is the only major bank not part of FedNow. The Fed aims to make onboarding easy, with a record seven-day onboarding period and 41 certified service providers to aid in bringing bank clients to the system.