Not marketed to individuals and businesses, FedNow will serve as an infrastructure system linking banks to provide for the immediate access to funds in the receiver’s bank account. The initial transaction limit of $100,000 will later be raised to $500,000. The services is launching with 35 participating banks, including JPMorgan and Wells Fargo, along with credit units. Financial institutions are not required to offer the service, but the Fed said it is focused on increasing the number. It said some banks will need to update payment infrastructures, accounting procedures, and other back-office processes to accommodate 24/7 operating hours. The Fed expect when FedNow is full available, individuals will be able to instantly receive paychecks and use them the same day. An account published on Yahoo Finance reports analysts say this service could cut the demand for payday loans. An list of participating financial institutions, settlement agents liquidity providers and service providers supporting payment processing is available on the Federal Reserve web site.