FedNow Insights

What is FedNow?

FedNow is an instant payment service developed by the Federal Reserve. It enables financial institutions to provide 24/7/365 instant payment services to their customers. This allows for immediate transfer of funds between accounts at different banks, facilitating faster transactions for businesses and consumers. Common use cases include immediate bill payments, payroll, and business-to-business transactions.

Find organizations using FedNow on Sumble →

What other technologies are related to FedNow?

FedNow Competitor Technologies

Zelle

Zelle facilitates instant payments between bank accounts, directly competing with FedNow's goal of instant payments.

mentioned alongside FedNow in 12% (114) of relevant job posts

Real Time Payments

RTP is another real-time payment system in the US, offered by The Clearing House, and directly competes with FedNow.

mentioned alongside FedNow in 18% (71) of relevant job posts

ACH

ACH is a widely used electronic funds transfer system, but not real-time. While FedNow aims to provide an alternative for faster payments, ACH is still a competitor as an existing funds transfer mechanism.

mentioned alongside FedNow in 6% (212) of relevant job posts

Fedwire

Fedwire is a real-time gross settlement system, competing with FedNow for large-value and time-critical payments.

mentioned alongside FedNow in 8% (95) of relevant job posts

RTP

RTP is another real-time payment system in the US, offered by The Clearing House, and directly competes with FedNow.

mentioned alongside FedNow in 3% (232) of relevant job posts

Wires

Wires is a general term for electronic funds transfers, competing with FedNow as an established money transfer method. Could refer to FedWire or SWIFT.

mentioned alongside FedNow in 9% (77) of relevant job posts

Swift

SWIFT is a global messaging network for financial transactions; while not real-time in the same way, it's an alternative method for transferring funds internationally.

mentioned alongside FedNow in 0% (126) of relevant job posts