FedNow
US Instant Payment Service
FedNow is the Federal Reserve's instant payment service — launched July 2023, growing rapidly.
FedNow Key Facts
USA Rail · Bitwage
FedNow Technical Specifications
How Bitwage Uses FedNow
FedNow launched in July 2023 as the Federal Reserve's answer to the RTP network — an interbank instant payment service operating 24/7. Bitwage uses FedNow for domestic USD payments where participating bank coverage aligns with the recipient's financial institution.
For US-based contractors receiving USD payroll, FedNow delivers funds in under 20 seconds regardless of time of day. This is a significant improvement over ACH, which processes in batches with 1–2 day settlement and has specific cut-off windows. FedNow payments arrive instantly on Friday evenings, Sundays, and federal holidays — unlike ACH, which pauses on bank holidays.
Bitwage also uses FedNow for rapid balance funding from US client bank accounts. Clients who need to execute a same-day payment run can fund their Bitwage Balance via FedNow and trigger the payment run within minutes of funding — something ACH cannot support.
FedNow vs SWIFT
FedNow and SWIFT are complementary rather than competing rails — FedNow is domestic USD only; SWIFT handles cross-border payments. For US-to-US contractor payments, FedNow is strictly better than wire (SWIFT domestic): faster (seconds vs same-day), cheaper (cents vs $25+), and 24/7. Bitwage uses FedNow domestically and routes international payments via USDC, SEPA, PIX, or SPEI.
Full stablecoin vs SWIFT comparisonFedNow FAQ
Common questions about US Instant Payment Service and how Bitwage uses it.
FedNow is instant (seconds) and 24/7. ach transfer batches transactions and takes 1–2 business days with cut-off windows. FedNow is strictly faster but has lower participating bank coverage (700+ vs virtually all US banks for ACH).
As of 2024, 700+ US financial institutions participate in FedNow, including major banks, credit unions, and community banks. Coverage is growing rapidly. If your bank doesn't participate, Bitwage uses RTP or ACH as alternatives.
Yes — clients at FedNow-participating banks can fund their Bitwage Balance instantly. This enables same-day payment runs: fund in the morning, execute payroll by afternoon. ACH funding takes 1–2 days. Wire funding is same-day but costs $25+.
Pay via FedNow — Automatically
Bitwage routes payments through FedNowwhen it's the optimal rail for your recipients. No configuration required.