An instant-payment rail is not the same as a payment app

An instant-payment rail is not the same as a payment app

FedNow is infrastructure used by participating U.S. banks and credit unions to send and receive payments for customers. The Federal Reserve says it runs around the clock, including weekends, and payments can move within seconds.

A customer's experience still depends on whether their financial institution participates and what service it offers. The useful distinction is between the underlying rail, the bank's access to it, and the app interface the customer sees.