The Federal Reserve Payments Study (FRPS) is an ongoing effort to estimate aggregate trends in noncash payments in the United States, offering a periodic benchmark of developments in the U.S. payments system to policymakers, the industry, and the public.
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July 20, 2026
The FedNow Service built extraordinary momentum in the second quarter of 2026, with volume increasing more than 80% from Q1 to Q2 and billions of dollars moving across the network every day.
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Third Quarter 2026
The Fed has supported the nation's payments system by providing services directly, implementing regulations, and convening industry stakeholders to meet the evolving needs of businesses and consumers.
Supporting U.S. Currency and Financial Transactions
Along with the other Reserve Banks, the Richmond Fed provides a variety of payments services to financial institutions and the federal government.
Federal Reserve Payments Research
The Federal Reserve Payments Study (FRPS) is an ongoing effort to estimate aggregate trends in noncash payments in the United States, offering a periodic benchmark of developments in the U.S. payments system to policymakers, the industry, and the public.
The Federal Reserve has developed a round-the-clock payment and settlement service, called the FedNow Service, to support instant payments in the United States.