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Who can access FedNow?
Both businesses and consumers can access FedNow if their bank offers it. In addition to 110 banks and payment processors that took part in the FedNow pilot program, the Fed has relationships with over 10,000 different financial institutions, and all financial institutions eligible to hold accounts at Reserve Banks will have access to FedNow.
Faster payments like FedNow will potentially support a variety of use cases, as shown in the diagram 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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No, FedNow does not use blockchain technology and is not a blockchain payment rail.
The timeline for FedNow centers around a July 2023 launch date.
One primary benefit of FedNow is that it will likely open up instant payment services to more financial institutions, including smaller, community banks.
The maximum amount for a FedNow credit transfer will be $100,000.
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FedNow is different from RTP because they are each distinct payment rails.