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How is FedNow different from RTP?

FedNow is different from RTP because they are each distinct payment rails. Although FedNow and RTP have similar functionality and benefits, FedNow (released in July 2023) is managed by the Federal Reserve and RTP (originally released in 2017) is overseen by The Clearing House (a banking association and payments company owned by the largest commercial banks).

The following timeline shows the evolution of payments in the US, from the gold standard to FedNow.

Timeline of payments in the United States

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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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The primary difference between FedNow and Fedwire is that FedNow will be available 24/7/365, whereas Fedwire operates weekdays only.

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The FedNow charge per transaction for sending money will be $0.045 for each credit transfer, paid by the sender. The charge per transaction to receive money will be $0.01 for each request for payment (RfP) message, paid by requestors.

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The FedNow service will work with those financial institutions that adopt it to facilitate faster payments for individual, business, and government use cases.

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FedNow will not officially replace PayPal or other instant payment services including Venmo, Zelle, or RTP.

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