The FedNowSM Service is a new real-time payment and settlement service with clearing functionality to support faster payments throughout the United States.
However there are other options available, so what are the differences?
This infographic shows a variety of options, and their positioning in the faster payments landscape.
As with the RTP® Network, FedNow is based on ISO 20022 messaging and is expected to significantly advance instant payments throughout the U.S. There are also a variety of domestic U.S. faster payment options with significant differences.
"Businesses generally do not care which rail a payment is settled on, but they do care how fast and efficient the payment is. As more payment methods are added to the landscape, the need for efficiency and value-added, differentiated services around those payments is becoming even stronger."
Aite-Novarica: FedNow Is Almost Here, June 2022
