The # of banks and financial institutions stays fairly stable so that covers the ongoing fixed costs. The number of transactions is highly variable so that cove

The # of banks and financial institutions stays fairly stable so that covers the ongoing fixed costs. The number of transactions is highly variable so that covers the variable costs. According to https://bank.codes/us-routing-number/bank/ https://bank.codes/us-routing-number/bank/ there are around 18,000 current routing transit codes active, which would amount to about $5.4M annually if all 18,000 were enrolled in FedNow. According to https://www.statista.com/statistics/871706/zelle-payments-number-per-quarter/ https://www.statista.com/statistics/871706/zelle-payments-nu..., Zelle processed 436 Milion payment transactions in Q2 2021 alone. If FedNow were to do the same volume, they would net $19.62M per quarter, around $78.5M a year.