Support Search
Back
Support
Phone +1 (800) 472 1321
Search
Support

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

​

  • 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 2023

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

You May Also Like

Related solutions

GET IN TOUCH

Want to learn more about Bottomline's digital banking solutions?

Call us.

Our payment experts are here to help.

+1 (800) 472 1321

Chat with us.

Chat with one of our payment experts. We'll recommend the right solution for you.

Accelerate your digital transformation.

Tell us a bit about you and your business and we’ll get back to you with all the information you need.

footer curve