A federally operated instant payment rail
Cross River is an early adopter of FedNow®, an instant payment rail operated by the Federal Reserve.
FedNow® benefits to your payments strategy
.svg){kind=icon}
24/7/365
Real-time processing for payment transactions, anytime, anywhere across the US.
Instant notifications
With FedNow®, users receive real-time confirmations for all real-time transactions.
.svg){kind=icon}
Expanding access to faster payments
FedNow® creates a bigger opportunity for reach and adoption, benefiting untapped consumers and businesses.
Uses for FedNow®
Peer-to-peer
Business-to-business payments
E- commerce payments
Expense reimbursements
Insurance payouts
Payroll
FAQs
Does FedNow® have any transaction limits?
Yes, FedNow® will launch with a credit transaction limit of $500,000.
Is FedNow® replacing RTP®?
FedNow® and RTP® are operated by two distinct entities and are not meant to replace on another, but rather, provide customers with more options to transact instantly.
How does settlement differ between FedNow® and RTP®?
While both payment rails settle funds instantly at accounts held at the Fed, FedNow® transactions settle in the debtor's and creditor's master account, while funds sent via RTP® settle between the debtor's and creditor's positions in a separate join account.