Capital One has joined the Federal Reserve’s instant payments system, FedNow, leaving Bank of America and Truist as the only major U.S. banks not participating. Capital One began its involvement on Tuesday, marking a significant shift in the payments landscape as more financial institutions embrace real-time payment solutions. Reed Luhtanen, CEO of the U.S. Faster Payments Council, emphasized that instant payments are becoming essential in today's economy, urging banks without a strategy for faster payments to act quickly. Since its launch in July 2023, FedNow has attracted approximately 1,550 financial institutions, out of about 9,000 across the U.S. While many smaller banks are still outside the system, the largest banks are leading in payment originations. The biggest 50 banks account for over 90% of payment activities in major clearing systems, according to statistics from The Clearing House and Nacha. The Federal Reserve is actively working to facilitate onboarding for banks, with a record onboarding time of just seven days and support from 41 certified service providers. To enhance transaction volume, the Fed has raised the maximum sendable amount through FedNow from $1 million to $10 million this month. This move aims to encourage more banks to participate and enable larger transactions within the instant payment framework.