FedNow

Overview

FedNow is the US Federal Reserve's instant payment service, enabling 24/7/365 real-time fund transfers between participating US financial institutions. Transactions are denominated in USD and settle within seconds. The receiving institution must be enrolled in the FedNow network.

Use Cases

• Instant Loan Disbursements — Fund approved loans directly to borrowers' bank accounts in real-time via the Federal Reserve network.
• Government and Benefit Disbursements — Distribute benefits, grants, or relief payments instantly to recipients' accounts.
• Insurance Claim Payouts — Settle approved claims to US bank account holders within seconds.
• Emergency Payments — Send time-critical funds to individuals or businesses at any hour of the day.
• Payroll on Demand — Allow employees to access earned wages instantly rather than waiting for a scheduled payroll run.