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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

Category

Payment Rail

Description

Primary use cases

Real-Time Gross Settlement Systems

FedWire

  • Weekdays 7:30 a.m. to 7:00 p.m. ET
  • Same-day cutoffs can vary by bank and location
  • Account to account
  • US$50 million
  • Limits vary by bank

  • Payments among any combination of consumer, business, small business, or government entity
  • Large-dollar, low-volume, urgent payments

Real-Time Instant-Clearing and Settlement Rail

FedNow

  • 24/7
  • Account to account
  • US$500,000 limit

  • Business to business (B2B), business to small business (B2SMB), business to consumer (B2C), and person to person (P2P)
  • Insurance, utilities, gig economy, payroll, and vendor/supplier disbursements

RTP® Network

  • 24/7
  • Account to account
  • US$1 million limit

  • B2B. B25MB. and B2C
  • Insurance. utilities, gig economy, payroll. and vendor/supplier disbursements

P2P/crossover payment systems

Zelle and other Digital Wallets

  • 24/7 or batch via ACH or RTP
  • Limits determined by bank

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  • P2P, B2C. 825MB, and consumer to businesses (C2B)
  • Insurance, higher education . class-ac -on payouts gig economy, and payroll

​​​​​​

Other faster payments

Same-day ACH

  • ACH batch
  • US$1 million limit

  • B2B B2SMB. business to government (82G). and B2C
  • Urgent payments and general disbursements

Push-to-card

  • 24/7
  • Debit push direct to account

  • B2B. B25MB. B2G. and B2C
  • Online marketplaces. retail returns and rebates and lending
BT legal 108

M&T Bank Accelerates Payment Modernization with Real-Time Payments

M&T Bank implements Real-Time Payments through the RTP Network®, to take advantage of the industry's first major payment modernization effort to emerge in the last 40 years.

Customer success story
BT documentation & messaging 48

Leading U.S. Cash Management Vendors 2021

Aite-Novarica Group evaluated the leading vendors through their highly governed and quantitative vendor evaluation methodology. And once again Bottomline came out on top as a best-in-class vendor with the highest overall score.

Research report

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