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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.
Connie Theien, SVP at the Federal Reserve System, explains the differences between FedNow and other payment rails. Watch the full conversation here.
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FedNow is a new payment rail that enables faster bank payments for financial institutions of any size, in any community, 365 days of the year.
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FedNow is different from RTP because they are each distinct payment rails.
Both businesses and consumers can access FedNow if their bank offers it.
The maximum amount for a FedNow credit transfer will be $100,000.
The timeline for FedNow centers around a July 2023 launch date.
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One primary benefit of FedNow is that it will likely open up instant payment services to more financial institutions, including smaller, community banks.
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