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Does FedNow use blockchain?
No, FedNow does not use blockchain technology and is not a blockchain payment rail. Upon its release in 2023, FedNow will serve as an instant payment rail using the ISO 20022 standard for messaging and data.
FedNow is often referred to as a “faster payment rail,” like RTP, for bank payments. Faster payment rails differ from traditional bank rails like ACH and wire in three significant ways, detailed below.
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