Adoption is ticking up for The Clearing House’s Real Time Payments network and the Federal Reserve’s FedNow payments rail as financial institutions add payment services to their platforms.  

The RTP network has more than 500 institutions on its network, according to The Clearing House’s website.  

Meanwhile, the FedNow payments rail had 728 financial institutions on its network as of May 1, up from 688 in April, according to the Fed’s website. 

Adoption continues to climb as the Fed works to expand FedNow’s reach, a Fed spokesperson told Bank Automation News. “The Federal Reserve is committed to nationwide reach of the FedNow service, and currently has existing relationships with the more than 9,000 financial institutions across the country.”  

Technology providers, including Jack Henry, are contributing to the uptick in the onboarding of the payments rails as its clients plan to add payment services, according to Jack Henry’s May 8 fiscal third-quarter earnings call.  

“Ninety-six percent of our clients plan to add payment services over the next two years,” Chief Operating Officer and incoming Chief Executive Greg Adelson said during the call.  

During Jack Henry’s fiscal third quarter, which ended March 31, the tech provider reached 190 clients on FedNow, or 29% of total FIs on FedNow, and 275 clients on RTP, or 48% of total FIs on the payments rail, Adelson said.  

Jack Henry has recorded the following FedNow and RTP adoption over the past three quarters: